Finance Bill 2016 Report Stage: a summary
Report stage took place in the House of Commons on 5 and 6 September 2016. One new clause was added to the Bill and a number of amendments agreed, including an opposition amendment to Schedule 19 introducing a power for the Treasury to make regulations requiring large businesses to include a country by country report when they publish their group tax strategy.
Amendments were agreed on Clause 18 (employment income provided through third parties), Clause 19 (pensions standard lifetime allowance from 2016-17), Clause 31 (VCTs: requirements for giving approval), Clause 82 (reduction in rate of CGT), Clause 125 (VAT: women’s sanitary products), Clause 155 (GAAR: provisional counteractions), Schedule 1 (dividend nil rate and abolition of dividend tax credits ), Schedule 9 (profits from the exploitation of patents , consequential), Schedule 10 (hybrid and other mismatches), Schedule 17 (fuel duties: aqua methanol) and Schedule 19 (large businesses: tax strategies and sanctions). New clause 9 introduces a power for HM Treasury to make regulations which make supplementary payments, paid by the Northern Ireland Executive to benefits claimants affected by welfare reform, either exempt from income tax or chargeable on a different basis. The Bill passed its third reading in the House of Commons and passed to the House of Lords. No further amendments can be made before Royal Assent.
By George Crozier, CIOT Head of External Relations