The Public Bill Committee finished its scrutiny of Finance (No 2) Bill in one, single 90-minute session on 21 May 2024. All of the following clauses were passed without amendment, meaning that the Bill will now be ‘reported back’ to the House of Commons in its original form (no changes having been made so far):
clause 5: increase in high income child benefit charge threshold;
clause 6: higher CGT rate for residential property gains reduced to 24%;
clause 7: abolition of SDLT multiple dwellings relief;
clauses 8–10: other SDLT changes;
clause 11: agricultural property relief and woodlands relief restricted to UK;
clauses 14–18: creative sector reliefs (additional relief for independent films, and permanent higher credit rates for theatre, orchestra and exhibition tax relief schemes);
clauses 20 and 21: financial services (including doubling the economic crime anti-money laundering levy fee for the largest regulated businesses); and
clauses 22 to 26: other measures covering transfers of assets abroad, VAT (including additional information requirement for DIY builder refund claims, and updates to HMRC’s penalty powers) and collective money purchase pension arrangements on insolvency.
The Public Bill Committee finished its scrutiny of Finance (No 2) Bill in one, single 90-minute session on 21 May 2024. All of the following clauses were passed without amendment, meaning that the Bill will now be ‘reported back’ to the House of Commons in its original form (no changes having been made so far):
clause 5: increase in high income child benefit charge threshold;
clause 6: higher CGT rate for residential property gains reduced to 24%;
clause 7: abolition of SDLT multiple dwellings relief;
clauses 8–10: other SDLT changes;
clause 11: agricultural property relief and woodlands relief restricted to UK;
clauses 14–18: creative sector reliefs (additional relief for independent films, and permanent higher credit rates for theatre, orchestra and exhibition tax relief schemes);
clauses 20 and 21: financial services (including doubling the economic crime anti-money laundering levy fee for the largest regulated businesses); and
clauses 22 to 26: other measures covering transfers of assets abroad, VAT (including additional information requirement for DIY builder refund claims, and updates to HMRC’s penalty powers) and collective money purchase pension arrangements on insolvency.
