Finance Bill Should Now Proceed
Now that the General Election is out of the way, the tax changes in the draft Finance Bill scheduled to take effect from April 2020 are now more likely to go ahead.
The key tax measures “in limbo” until legislated in Finance Act 2020 are:
- Extending the “off-payroll” working rules to the private sector
- Restricting R&D repayable credit for SMEs
- The proposed 2% reduction in P11d car benefits
- Limiting CGT private residence letting relief
If the changes to CGT residential accommodation lettings relief go ahead from 6 April 2020, it may be worth considering the disposal of a property that currently qualifies for this relief before 6 April 2020. The “off-payroll” working rules will almost certainly proceed, even if not from 6 April 2020, and thus businesses and workers affected should prepare for the planned changes. Contact us if you need help in assessing the likely impact on your business.
If you require any assistance please contact our Tax Partners, Steve Crompton or Lucy Williams, on the details below:
Partner – Head of Tax
direct dial: 01942 292541
mobile: 07790 840394
direct dial: 01942 292543
mobile: 07807 053494