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Finance Bill Public Bill Committee

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The Public Bill Committee met for the first time on Thursday 4 June. Clauses 1 to 20 were passed, and the Committee approved the Government amendments to loan charge cls 15 and 17, as expected.

On Tuesday 9 June, the Committee passed the following clauses without amendment:

  • cl 21 (pensions annual allowance taper)
  • cl 22 and Sch 2 (entrepreneurs’ relief: reduction in lifetime limit and renaming the relief)
  • cl 23 (private residence relief)
  • cl 24 and Sch 3 (corporate capital losses)
  • cl 25 (quarterly instalment payments)
  • cl 26 (relief from CGT for loans to traders)
  • cl 27 (increase in RDEC)
  • cls 28, 29 and Schedule 4 (structures and buildings allowance increase, and technical amendments)
  • cl 30 (IFAs from related parties)
  • cl 31 and Sch 5 (non-UK residents carrying on UK property business)
  • cl 32 (surcharge on banking companies, transferred-in losses)
  • cl 33 and Sch 6 (CT payment plans: transactions with group company resident in other EEA state)
  • cl 34 (leases accounting standards)
  • cl 35 (EIS: knowledge-intensive funds)
  • cl 36 (life insurance top slicing relief)
  • cl 37 (share loss relief: extension beyond UK).

The Committee was next due to sit on Thursday 11 June when it was expected to consider the digital services tax clauses.

The CIOT runs a live blog on the Committee proceedings.



Issue: 1491
Categories: News