Employment Taxes

 


MPs debated committee stage of Finance Bill 2021, with debate on family finances, corporation tax and freeports. All clauses were retained. Government amendments relating to freeports were passed but no opposition amendments or new clauses were passed.

MPs begin debating the Finance Bill in committee today. Committee of the Whole House will take place on Monday 19 and Tuesday 20 April, with public bill committee commencing on Thursday 22 April.

This page bring together briefing notes and representations from the CIOT, our Low Incomes Tax Reform Group and our sister body, the Association of Taxation Technicians, produced for committee stage of Finance Bill 2021, which begins on Monday 19 April. 

HMT published a call for evidence following the Budget announcement that the government “would review the Enterprise Management Incentives (EMI) scheme to ensure it provides support for high-growth companies to recruit and retain the best talent so they can scale up effectively, and examine whether more companies should be able to access the scheme.”

In last week’s Budget the Chancellor announced that the government will be freezing the income tax personal allowance and higher rate threshold between 2022 and 2026, rather than increasing them in line with inflation, which was the previous plan.

The House of Commons Treasury Committee has published its much-awaited report on Tax after Coronavirus, the most ambitious parliamentary report ever produced on tax reform.

MPs who make up the House of Commons Treasury Committee have published their latest report on the Economic Impact of Coronavirus, claiming there is scant justification for the Government not to have addressed the ‘hard edges’ of the Self-Employment Income Support Scheme (SEISS) by now and calling for government support to be extended to those missing out, including limited company directors, the newly self-employed and self-employed people with higher earnings.

HMRC have not made enough progress on the loan charge more than a year after a review concluded the policy caused serious distress to some taxpayers, according to a House of Lords committee.

The Treasury Select Committee took evidence from CIOT and other professional bodies on the ecomomic impact of Coronavirus. A second session took evidence from two economists.

The House of Lords Economic Affairs Committee’s Finance Bill Sub-Committee has published a report on the Social Security Contributions (Intermediaries) (Miscellaneous Amendments) Regulations 2020