The Act received royal assent on 10 June 2021. Notable measures include: the new capital allowances ‘super-deduction’ and ‘special-rate’ first-year allowances; a temporary extension to the loss carry-back period for businesses; reforms to the hybrid and other mismatches rules; and legislation to introduce the new plastic packaging tax. There are provisions on the following:
Rates of air passenger duty for ‘band B’ destinations are increased from 1 April 2022 (s 107).
There is a new relief from the annual tax on enveloped dwellings (ATED) where an interest valued in excess of £500 000 is held in UK residential property exclusively by non-publicly funded non-social housing cooperatives which have no transferable share capital. This has effect for the chargeable period beginning from 1 April 2021. It also has effect in limited circumstances for the chargeable period beginning 1 April 2020 (s 90). For housing co-operatives...
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