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Highlights of draft Finance Bill 2016

Since 2010 it has become the norm for draft tax legislation to be published late in the calendar year for eventual inclusion in the following year’s Finance Bill. This is published about a week or two after the Chancellor’s Autumn Statement and the publication date has generally become known amongst tax practitioners as ‘Legislation Day’. This year legislation day was on 9 December.

This commentary does not attempt to cover everything for which legislation was published. Instead it covers significant topics on which there is now more detail available than on Autumn Statement day (25 November).

Draft legislation is always subject to amendment of course both before and after it is introduced to the House of Commons.

Benefits: statutory exemption for trivial benefits

A statutory exemption is to be introduced for 2016/17 onwards which will allow employers to identify and treat certain low...

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