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Examining Finance Act 2017

Lindsey Wicks goes into minute detail on the content of Finance Act 2017. This includes income tax, corporation tax, employee shareholder shares, disguised remuneration, indirect taxes, tax avoidance, the soft drinks industry levy, plus what might be to come in the next Finance Bill.

Finance Act 2017After the disruption to the Finance Bill process caused by the general election in 2015 and the EU referendum in 2016, I was looking forward to normality resuming in 2017. My dreams were shattered by the announcement on 18 April 2017 of a snap general election. This led to a cull of many provisions from the Finance Bill with the remaining Commons Bill stages taking place in around two and a half hours on Tuesday 25 April 2017. The Bill became Finance Act 2017 (FA 2017) on Thursday 27 April 2017. So, what does this Act contain?

As income tax is a tax that requires annual renewal, sections 1-3 provide the power to charge income tax and set the rates for the 2017/18 tax year. The rates of income tax are unchanged for taxpayers in England, Wales and Northern Ireland, although from April 2017, the Scottish Parliament has the power to set its own rate on non-savings, non-dividend income.