The UK government has proposed the following amendments to the Finance Bill, to be considered by the House of Commons at report stage on 1 and 2 July 2020:
Taxation of coronavirus support scheme payments: new clause and schedule added to the Bill. Changes from the draft version include: addition of the coronavirus statutory sick pay rebate scheme, clarification around whether SEISS payments made to partners are ‘referable to the business’, and clarification that the potential 20-year time limit for assessments under TMA 1970 will not normally apply to failures to notify liability under para 8 of the schedule except in cases of deliberate conduct.
Enterprise management incentive scheme disqualifying events: new clause providing that a disqualifying event will not occur in relation to an individual as a result of the individual taking leave, being furloughed or working reduced hours because of coronavirus.
Protected pension age of pension scheme members re-employed as a result of coronavirus: new clause ensuring individuals who have returned to work in response to coronavirus retain any right to receive pension benefits before normal minimum retirement age.
Modifications of the statutory residence test in connection with coronavirus: new clause modifying FA 2013 Sch 45 so that the presence of certain individuals in the UK for purposes connected with coronavirus is discounted for the purposes of determining whether they are resident in the UK in the tax years 2019/20 and 2020/21.
Future fund EIS and SEIS relief: new clause preventing EIS and SEIS relief from being withdrawn or reduced for the purposes of income tax and CGT in cases where an individual enters into a convertible loan agreement under the future fund with a company and subsequently receives value from the company under the agreement.
Interest on unpaid tax in case of disaster etc. of national significance: new clause amending FA 2008 s 135 to enable the Treasury to specify which payments of tax and other liabilities that are deferred by agreement during a period of national disaster or emergency will not attract interest or surcharges.
SDLT: exceptional circumstances preventing disposal of interest in three-year period: new clause enabling the three-year period, in which the ‘old’ dwelling must be disposed of in order to claim a refund of the higher rates of SDLT, to be extended in exceptional circumstances.
HGV road user levy: new clause providing that HGV road user levy is not chargeable in respect of the period of 12 months beginning with 1 August 2020.
The Treasury had also made available detailed explanatory notes for the new clauses. It was expected that the government amendments would be added to the Bill before being reprinted and sent to the House of Lords for the remaining formalities.
The UK government has proposed the following amendments to the Finance Bill, to be considered by the House of Commons at report stage on 1 and 2 July 2020:
Taxation of coronavirus support scheme payments: new clause and schedule added to the Bill. Changes from the draft version include: addition of the coronavirus statutory sick pay rebate scheme, clarification around whether SEISS payments made to partners are ‘referable to the business’, and clarification that the potential 20-year time limit for assessments under TMA 1970 will not normally apply to failures to notify liability under para 8 of the schedule except in cases of deliberate conduct.
Enterprise management incentive scheme disqualifying events: new clause providing that a disqualifying event will not occur in relation to an individual as a result of the individual taking leave, being furloughed or working reduced hours because of coronavirus.
Protected pension age of pension scheme members re-employed as a result of coronavirus: new clause ensuring individuals who have returned to work in response to coronavirus retain any right to receive pension benefits before normal minimum retirement age.
Modifications of the statutory residence test in connection with coronavirus: new clause modifying FA 2013 Sch 45 so that the presence of certain individuals in the UK for purposes connected with coronavirus is discounted for the purposes of determining whether they are resident in the UK in the tax years 2019/20 and 2020/21.
Future fund EIS and SEIS relief: new clause preventing EIS and SEIS relief from being withdrawn or reduced for the purposes of income tax and CGT in cases where an individual enters into a convertible loan agreement under the future fund with a company and subsequently receives value from the company under the agreement.
Interest on unpaid tax in case of disaster etc. of national significance: new clause amending FA 2008 s 135 to enable the Treasury to specify which payments of tax and other liabilities that are deferred by agreement during a period of national disaster or emergency will not attract interest or surcharges.
SDLT: exceptional circumstances preventing disposal of interest in three-year period: new clause enabling the three-year period, in which the ‘old’ dwelling must be disposed of in order to claim a refund of the higher rates of SDLT, to be extended in exceptional circumstances.
HGV road user levy: new clause providing that HGV road user levy is not chargeable in respect of the period of 12 months beginning with 1 August 2020.
The Treasury had also made available detailed explanatory notes for the new clauses. It was expected that the government amendments would be added to the Bill before being reprinted and sent to the House of Lords for the remaining formalities.
