The government has announced that the next Finance Bill of 2017 will be introduced as soon as possible after the summer parliamentary recess.
This will legislate for all policies that were included in the pre-election Finance Bill and then dropped before that Bill became Finance Act 2017.
The government has confirmed that all policies originally announced to start from April 2017 will be effective from that date. To be more specific:
“Where policies have been announced as applying from the start of the 2017/18 tax year or other point before the introduction of the forthcoming Finance Bill, there is no change of policy and these dates of application will be retained. Those affected by the provisions should continue to assume that they will apply as originally announced.”
The government goes on to say that in the case of some provisions that will apply from a time before the Finance Bill is introduced, there will be technical adjustments and additions to the versions contained in the March Bill to ensure they function as intended. We do not yet know if this might mean the inclusion of transitional provisions in the case of – for example – the changes affecting non-doms. The government is publishing updated draft legislation today - see below.
Today’s announcement also includes important news about a revised timetable for Making Tax Digital, which we are covering in a separate news item.
Full details are a joint HM Treasury and HMRC press release and in a written parliamentary statement by Mel Stride MP, Financial Secretary to the Treasury – both issued on 12 July 2017.
The government has now published the updated draft clauses for those provisions taking effect before Finance Bill (No 2) 2017 is introduced, where technical adjustments and additions are needed to ensure the clauses function as intended.
The clauses in question are: