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Finance Bill passes Report Stage

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The House of Commons passed the Finance Bill at Report Stage on 24 May. All government amendments were approved, including the new Schedule ‘VAT and distance selling: Northern Ireland’ which has been inserted into the Bill as Sch 18.

The final version of the Bill (the ‘Lords Bill’) was published at the end of 25 May and will be considered by the Lords on Tuesday 8 June. As the Lords do not have the power to amend a ‘Money Bill’ this stage is a formality, with no further changes (other than minor typographical corrections) being made.

Royal Assent to Finance Act 2021 is expected before both Houses of Parliament begin their summer recess on 23 July 2021, although this could possibly be earlier than usual given the speed at which the Bill has completed its Parliamentary stages. It is worth noting that HMRC’s Agent Update issue 84 (May 2021) hinted at a ‘mid-July’ Royal Assent date, in its coverage of claims for extended loss carry-back which cannot be made until the Act receives Royal Assent.

Issue: 1533
Categories: News