Gin & Rum Warehouse Team Raising a Glass to Growth Plans in New 7,000 Sq Ft Premises
July 20, 2021
Taxation and other measures to be included in the Finance Bill for 2021-22 have now been announced.
The draft legislation largely covers pre-announced policy changes, along with accompanying explanatory notes, tax information and impact notes, as well as responses to consultations and other supporting documents.
In addition to previously announced measures that include changes to Corporation Tax, Income Tax and proposals for tackling promoters of tax avoidance schemes, the Government has also revealed three new policies that it will legislate for in the autumn:
It is confirmed that the normal minimum pension age at which pension benefits can be taken without incurring an unauthorised payment charge will increase from 55 to 57 from April 2028.
HMRC published a summary of responses to the second consultation on its proposals for the notification by large businesses of uncertain tax treatments, alongside draft legislation for comments.
The draft legislation reflects a number of changes compared to the proposals consulted on earlier this year.
In particular, the number of triggers that would cause a tax treatment to be considered “uncertain” has been reduced from seven to three.
Allowance has been made for increased penalties where a business repeatedly fails to notify uncertain tax treatments.
Notification will be required at the same date as the relevant tax return is due and will apply to returns required to be made on or after 1 April 2022.
This means that the regime will apply to some transactions and arrangements that have already taken place.
In addition, the following draft clauses and documents were published:
Tackling tax avoidance
HMRC published a summary of responses to its proposals made earlier this year for measures to clamp down on promoters of tax avoidance. Four new measures are being introduced as follows:
Link: Finance Bill 2021-22
July 20, 2021
July 7, 2021