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Queen's Speech unveils raft of tax Bills

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Among the 11 new government Bills announced in the Queen’s Speech are:

  • a National Insurance Contributions Bill, covering collection of class 2 NICs through self-assessment, provisions for avoidance scheme follower notices, accelerated payments and high risk promoters regime to mirror the income tax rules, and an NIC TAAR for employment intermediaries;
  • The Pensions Tax Bill, introducing flexibility for defined contribution pensions;
  • The Private Pensions Bill, providing for three categories of pension including new ‘collective schemes’;
  • The Childcare Payments Bill for new tax-free childcare;
  • The Small Business, Enterprise and Employment Bill, introducing the register of beneficial ownership for UK companies; and
  • the Wales Bill, including devolution of SDLT, landfill tax and elements of income tax.

On 5 June, the government tabled the following amendments to the Finance Bill:

  • On high risk promoters: 13 amendments were tabled which:
  • add relevant intermediaries to persons to whom the monitored promoter has to notify its reference number and changes the time for doing so;
  • make clear in the case of non-resident monitored promoters that the person is required, not merely requested, to provide the information;
  • enable the client or intermediary to provide documents, as well as information, to HMRC;
  • include IHT within the taxes subject to the extended time limit;
  • make it clear that the offence of concealing, destroying or disposing of a document applies only where HMRC intends to seek the tribunal’s approval for the notice; and
  • ensure partnerships that are separate legal entities are not caught by the special provisions of Sch 32.
  • On the accelerated payment rules: Seven amendments were tabled, removing an unnecessary test involving references to ‘tax arrangements’ and clarifying that references to ‘chosen arrangements’ apply not only to the DOTAS criterion, but also to the GAAR and follower notice criteria.
  • On gambling duties: Four amendments were tabled to ensure that fines and penalties for offences in connection with gambling duties are consistent with the Legal Aid Sentencing and Punishment of Offenders Act 2012.