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A live blog of the fourth public bill committee sitting of Finance Bill 2020 (also known as Finance Bill 2019-21), which took place on Tuesday 9 June 2020 from 2pm. Clauses passed covered increases in the rate of the Research and Development Expenditure Credit (RDEC), and of Structures and Buildings Allowances; changes to the tax treatment of some intangible fixed assets; the Enterprise Investment Scheme (EIS) and 'top slicing relief'.

A live blog of the third public bill committee sitting of Finance Bill 2020 (also known as Finance Bill 2019-21), which took place on Tuesday 9 June 2020 from 9.25am. Topics covered included the annual allowance for tax relief on pension contributions, changes to entrepreneurs' relief, private residence relief and corporate capital losses.

The second public bill committee sitting of Finance Bill 2020 (also known as Finance Bill 2019-21), took place on Thursday 4 June 2020 at 2pm. Clauses 13-20 and Schedule One were debated this afternoon and all were passed. The majority of these clauses related to the contentious loan charge. Below is a 'live blog' of the proceedings.

A live blog of the first public bill committee sitting of Finance Bill 2020 (also known as Finance Bill 2019-21), which took place on Thursday 4 June 2020 at 11.30am. Topics covered included income tax and corporation tax rates, and tax treatment of social security benefits. MPs approved clauses 1-12 of the Bill.

Are you frustrated by the current social distancing and inability to travel far? Do you want to do something positive? How about joining the #notKili2020 challenge in aid of the tax charities? The charities’ #Tax2020Kili sponsored challenge to ascend Mount Kilimanjaro is being postponed to September 2021, due to the Covid-19 pandemic, so we have set an alternative free UK challenge in aid of the tax charities, whose funds have been hit by cancellation of events in the pandemic, while they focus on helping more people needing to do returns and make claims from the government.

MPs passed a resolution on Tuesday (19) allowing Finance Bill 2020 to be amended to introduce changes requiring large and medium private sector entities to assess the IR35 employment status of contractors and, where the rules apply, deduct income tax at source.

The Scottish Government has introduced legislation to the Scottish Parliament that will extend the period for eligible property buyers to claim a refund of the Additional Dwelling Supplement (ADS) of Land and Buildings Transaction Tax (LBTT).

The football season may be suspended but the Low Incomes Tax Reform Group (LITRG) scored its own hat trick at the Tolley’s Taxation Awards 2020.

 

Guest blog by Tarlochan Lall, Barrister, CTA (Fellow), Monckton Chambers

• The conditions for eligibility appear to be more stringent in comparison to the job retention scheme.  The latest revisions expose anomalies in the provisions.
• The framework for SEISS and its structure cast doubts over what entitlement it gives.  HMRC’s message appears to be we’ll contact you, don’t contact us.
• The lack of a dispute resolution mechanism creates issues for operators and HMRC alike.
• HMRC’s guidance needs to be further refined as issues remain.

 

The government is to introduce a new micro-loan scheme for small businesses amid fears that many have been unable to access other government-backed Coronavirus loan schemes.

The Coronavirus ‘Bounce Back’ loan scheme was announced by chancellor Rishi Sunak in a statement to MPs in the House of Commons on Monday.