Finance Bill 2019: public Bill committee

At the first two sittings of the public bill committee (PBC) on 27 November, an amendment was made to Sch 1 (disposals by non-UK residents etc). Seven other cls were agreed without amendment.

The amendment to Sch 1 removes CTA 2009 s 2(2A), which currently excludes companies’ gains from the disposal of residential property from corporation tax, either because they are chargeable to ATED-related CGT, or because the company is not UK resident. This reflects the abolition of ATED-related CGT as a consequence of the new rules bringing all non-resident companies’ gains from disposals of interests in UK land within the scope of corporation tax.

Agreed without amendment were:

• Cl 1 (income tax charge for tax year 2019/20);
• Cl 2 (corporation tax charge for financial year 2020);
• Cl 3 (main rates of income tax for tax year 2019/20);
• Cl 4 (default and savings rates of income tax for tax year 2019/20);
• Cl 7 (optional remuneration arrangements: arrangements for cars and vans);
• Cl 11 (beneficiaries of tax-exempt employer-provided pension benefits); and
• Cl 13 (disposals by non-UK residents etc).

The PBC will sit next on Thursday 29 November.