DHC Accounting

Unit 7, Lillyhall Business Centre
Jubilee Road, Workington
Cumbria, CA14 4HA
Tel: 01900 64464 - Fax: 01900 64466

Search News


Finance Act 2017 receives Royal Assent, but with provisions omitted

Source: The National Archives | | 08/05/2017

The Finance Bill received Royal Assent on 27 April 2017 to become the Finance Act 2017. However, as it was fast-tracked through the legislative process to receive Royal Assent before Parliament was dissolved on 3 May 2017 for the general election, several key provisions had to be omitted. In particular, the provisions changing the law on the taxation of termination payments and reducing the annual tax-free dividend allowance from £5,000 to £2,000 were both dropped. These provisions were expected to come into force in April 2018.

It will now be up to the next government to decide whether to present these provisions again in a new Finance Bill or similar legislation. This is highly likely to happen if the next government remains Conservative and is probably likely to happen regardless of who wins. There would still be plenty of time for the legislation to pass through Parliament before the intended implementation date.



 

Latest News

When must you register for VAT?
16/08/2017 - More...
The taxable turnover threshold, that determines whether businesses should be registered for VAT is currently £85,000.

BPP holdings Supreme Court decision
16/08/2017 - More...
The Supreme Court has dismissed HMRC’s appeal in a long running case between the BPP Group of companies (who provide

What are overlap profits?
16/08/2017 - More...
The assessment of self-employed or partnership profits is relatively straight-forward if the accounting date, to which

Newsletter

With our newsletter, you automatically receive our latest news per e-mail and get access to the archive including advanced search options!

» Sign up for the newsletter
» Login

 

 

Copyright © 2013 - DHC Accounting

Cookie Policy