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Further draft legislation expected

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In a written statement (HCWS400), Jesse Norman, Financial Secretary to the Treasury, has set out a detailed summary of the tax policy announcements and consultations published alongside the draft Finance Bill legislation. The statement covers the expanded proposals for making tax digital, including the extension to income tax from April 2023, and confirms a number of consultation deadline changes in response to coronavirus.

Deadlines for the following consultations have been extended, and the statement confirms the government’s intention to publish draft legislation for these measures ‘later in the autumn’:

  •        plastic packaging tax (closing 20 August 2020);
  •        notification of uncertain tax treatment by large businesses (closing 27 August 2020);
  •        R&D SME tax credit PAYE cap (closing 28 August 2020); and
  •        tackling construction industry scheme abuse (closing 28 August 2020).

The statement also announces a technical consultation on proposed changes to the small brewers’ relief scheme in autumn 2020, to support the industry by avoiding a ‘cliff-edge’ removal of the scheme taper and considering a grace period for smaller breweries which decide to merge. A related consultation, on reform to alcohol product excise duties, is expected ‘before end September 2020’ with a view to supporting the alcoholic drinks and pubs sector in the longer term.

Issue: 1498
Categories: News
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