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Finance Bill 2021 has passed its second reading after a five hour House of Commons debate, MPs voting it through by 358 votes to 262.

The Scottish Parliament has confirmed the rates and thresholds for income tax that will apply to the non-savings and non-dividend income of Scottish taxpayers from 6 April 2021.

In this blog Joanne Walker, CIOT and LITRG technical officer, takes a look at some of the effects.

Richard Wild, Head of Tax Technical at the Chartered Institute of Taxation, assesses the annoucement of an extension to Self-Employment Income Support Scheme

John Cullinane, Director of Public Policy at the Chartered Institute of Taxation, assesses the new super deduction.

 

Peers were divided in their post-Budget debate on whether increasing corporation tax to 25 per cent was sensible or would be counter-productive. A number of opposition peers thought the Government’s tax changes insufficiently progressive and argued that wealth, inheritance and capital gains should be taxed more heavily.

Members of the Welsh Senedd passed the Final Budget for 2021-22 on Tuesday 9 March, with the Labour administration’s Budget going through despite opposition from Conservative and Plaid Cymru members. The same day also saw debates and votes on a supplementary Budget for the current financial year, and to confirm that Welsh Rates of Income Tax will remain in line with those in England for another year.

Chancellor Rishi Sunak appeared in front of the Treasury Committee last week (11) as part of the committee’s inquiry into the UK Budget 2021. Dan York-Smith, Director of Strategy, Planning and Budget at the Treasury – the official with overall responsibility for the Budget - appeared alongside Sunak.

Officials from the Treasury and HMRC were subject to some tough questioning from the Public Accounts Committee (PAC), as part of its continuing inquiry into environmental taxes. This included evaluation of green tax measures and how great a role tax has in the Government’s strategy for achieving ‘net zero’.

MPs have approved the March 2021 Budget Resolutions following four days of debate in the House of Commons. A report on the first two days of debate features on the CIOT website here. Below is a report on the final two days of debate, which took place on Monday and Tuesday this week (8-9 March).

A panel of tax, trade and business experts, from Ireland and Great Britain, explored the challenges of post-Brexit trade and customs arrangements at an online debate on ‘UK and Ireland: doing business post-Brexit’, organised jointly by CIOT, the Association of Taxation Technicians (ATT) and the Irish Tax Institute (ITI), on 9 March 2021.