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More amendments as Finance Bill moves forward

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The government tabled the following new clauses and amendments (in addition to those reported in last week’s Tax Journal) for Report Stage on 1–2 July:

  • business premises renovation (cl 61, new cl 3 and new Sch 2): revision to business premises renovation allowance and introduction of two new enhanced capital allowances;
  • companies owned by employee-ownership trusts (Sch 33): withdrawal of CGT relief in certain circumstances;
  • beneficial entitlement for group relief purposes (new cl 2): requirements imposed by ministers or statutory bodies;
  • revised definitions of cooperative and community benefit societies (new cl 5, new Sch 4);
  • theatre tax relief (new cl 4 and new Sch 3): introduction of tax relief for theatre productions (see page 6);
  • venture capital schemes (new cl 6): exclusion of incentivised electricity or heat generation activities;
  • SDLT (new cl 7): extension of reduced threshold for 15% higher rate to exercise of collective rights by tenants of flats; and
  • pension flexibility (new cl 13 and new Sch 5): further amendments.

In addition, following a consultation with banks, building societies and advisory bodies, HM Treasury has decided against the adoption of a banding approach for the bank levy at Finance Bill 2014.

Separately, Liberal Democrat John Thurso MP has tabled an early day motion expressing ‘grave concern’ at proposals in the Bill for HMRC powers for direct recovery of tax debts.

Issue: 1223
Categories: News , Corporate taxes
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