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Revised Finance Bill published

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The Report Stage version of the Finance Bill was published on 19 June. The reprinted Bill incorporates the amendments made during the Public Bill Committee (PBC) stage, and will form the basis of further consideration in the House of Commons at Report Stage (date to be announced).

The new ‘off-payroll workers’ services provided through intermediaries’ legislation has been inserted as clause 7 and Schedule 1, with subsequent clauses and Schedules renumbered accordingly.

The draft Schedule on the taxation of coronavirus support scheme payments has not yet been added to the Bill, and is expected to be included at Report Stage.

The full list of amendments passed by the PBC:

  • cl 15 (becomes cl 16) (election to split loan charge over three tax years): two amendments to empower HMRC to extend deadline for election;
  • cl 17 (becomes cl 18) (relief from interest on tax payable by a person subject to the loan charge): empowers HMRC to extend period within which liability to tax may be discharged without incurring interest;
  • new cl 1 (becomes cl 7) and new Sch 1 (becomes Sch 1) (workers’ services provided through intermediaries): introduce the changes for large and medium-sized companies in the private sector from 6 April 2021.

The PBC passed all other clauses and Schedules without amendment.

Issue: 1493
Categories: News