The government has published draft legislation for Finance Bill 2018-19 which is currently open for consultation, and ‘continues the government’s commitment to a competitive and fair tax system’.
The draft legislation and any changes to the Finance Bill could affect a range of taxes, from Stamp Duty Land Tax (SDLT) to income tax.
The draft legislation also outlines the government’s approach to the Making Tax Digital (MTD) penalty system, with HMRC outlining its intention to utilise a two-tier penalty model for businesses and individuals who fail to pay their tax on time.
The July publication of the Finance Bill 2018-19 draft legislation forms part of the government’s new fiscal timetable.
The consultation on the draft legislation will run until 31 August 2018. The final contents of ‘Finance Bill 2018-19’ will be subject to confirmation at Budget 2018, expected later this year in November.
We will keep you informed of developments.
Internet link: GOV.UK finance bill 2018-19
