Finance Bill No2 2017

To accommodate the May 2017 election, the government rolled-over items in the Mach 2017 budget for consideration later this year.

HMRC have now confirmed that these “in abeyance” items from the March budget will be reconsidered when parliament reconvenes after the summer recess.

Those items deferred that were due to be effective from April 2017, will still apply from that date. The confirmed list of topics that will be reconsidered include:

• Taxable benefits: time limit for making good
• Pensions advice
• Legal expenses etc.
• Money purchase annual allowance
• Business investment relief
• Calculation of profits of trades and property businesses
• Trading and property allowances
• Carried forward losses
• Deemed domicile: income tax and capital gains tax
• Deemed domicile: inheritance tax
• Employment income provided through third parties
• Trading income provided through third parties
• Disguised remuneration schemes: restriction of income tax relief
• Disguised remuneration schemes: restriction of corporation tax relief
• First year allowance for expenditure on electric vehicle charging points

This is not a complete list and readers should be advised that the House of Commons and Lords will still need to debate and consider possible changes as the Bill winds its way through the various remaining committee and report stages.