Practical points - Budget and Finance Acts
- Publish date: 04 January 2017
- Archived on: 31 December 2017
Guidance from ICAEW's Tax Faculty for practitioners on the latest developments in practice, policy and legislation related to UK Budget and Finance Acts.
|127||Autumn Finance Bill|
The government has announced that the next Finance Bill of 2017 will be introduced as soon as possible after the summer parliamentary recess. This will legislate for all policies that were included in the pre-election Finance Bill and then dropped before that Bill became Finance Act 2017.
The government has confirmed that all policies originally announced to start from April 2017 will be effective from that date. To be more specific: “Where policies have been announced as applying from the start of the 2017/18 tax year or other points before the introduction of the forthcoming Finance Bill, there is no change of policy and these dates of application will be retained.
Those affected by the provisions should continue to assume that they will apply as originally announced.” The government goes on to say that in the case of some provisions that will apply from a time before the Finance Bill is introduced, there will be technical adjustments and additions to the versions contained in the March Bill to ensure they function as intended.
The government has published updated draft legislation, The Finance Bill will include legislation for the Making Tax Digital (MTD) programme. The changes to the timetable and other aspects of MTD, announced on 13 July 2017, will be reflected in the legislation. These updated clauses have not yet been published.