The draft Finance Bill includes power to introduce regulations to implement the EU’s DAC 6 mandatory disclosure regime and new EU rules to resolve international tax disputes. The government is pressing ahead with new anti-profit fragmentation rules, but has dropped the requirement to pay disputed tax upfront. It is introducing an extended 12 year assessment time limit for the underpayment of income tax, inheritance tax and CGT (but not corporation tax) relating to an offshore matter. The SDLT 30 day filing and payment window is being reduced to 14 days. New regimes for penalties for late submission and late payment are being rolled out, starting with VAT in 2020.
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