The government has published draft legislation to implement policies announced at Spring Budget 2017 and Autumn Statement 2016.
Some of the legislation to be implemented:
- Expanding the business investment relief
- Ending the permanency of non-dom status
- Reforming tax rules on salary sacrifice schemes
- Tax avoidance: a new penalty for those enabling the use of tax avoidance schemes and deterring those gaining an unfair tax advantage through transferring pensions abroad
- Soft drinks levy: the levy will be used to invest in school sports and healthy living programmes
The bill also contains measures on implementing Making Tax Digital. Eventually businesses, self-employed people and landlords will need to update HMRC quarterly through digital software.
Contact us today to discuss how the Finance Bill 2017 will affect your business.