The government has published the draft legislation for Finance Bill 2020-21, along with accompanying explanatory notes, tax information and impact notes. The consultation on draft clauses is intended to make sure that the legislation works as intended. The consultation will close on 15 September 2020.
The Finance Bill will contain the legislation for some of the tax measures that have been previously announced by the government many of which have since been the subject of further consultation.
The publication of the draft Finance Bill is in line with the current approach to tax and where the government committed to publishing most tax legislation in draft for technical consultation before the legislation is laid before Parliament.
This Finance Bill will see the introduction of a number of measures from April 2021 including:
- Changes to the van benefit charge regarding zero emission vans.
- Changes to collective money purchase pension schemes.
- Changes to the treatment of termination payments and post-employment notice pay for Income Tax.
- Changes to working time requirements for Enterprise Management Incentives.
- New rates of Stamp Duty Land Tax for non-UK residents from 1 April 2021.