Finance (No. 2) Act 2017: a summary
Lindsey Wicks takes a look at what it contains, including information on income tax, investments, trading and property businesses, corporation tax, chargeable gains, domicile and overseas property, disguised remuneration, capital allowances, indirect taxes, reporting and record-keeping, avoidance and more.
Section 1 introduces a time limit, for employees to make good taxable benefits-in-kind, of 6 July following the end of the tax year. This applies from 2017/18.
Section 2 changes the appropriate percentage for calculating the benefit-in-kind on ultra-low emission vehicles from 2020/21 onwards. It adds five bands for cars with CO2 emissions of between one and 50 grams per kilometre based on the electric range figure of the car and five bands for cars with CO2 emissions of between 51 and 74 grams per kilometre.