Tax Changes Introduced In Finance Bill 2017

The government has published draft legislation to implement policies announced at Spring Budget 2017 and Autumn Statement 2016.

Some of the legislation to be implemented:

• expanding the business investment relief
• ending the permanency of non-dom status
• reforming tax rules on salary sacrifice schemes
• tax avoidance: a new penalty for those enabling the use of tax avoidance schemes and deterring those gaining an unfair tax advantage through transferring pensions abroad
• soft drinks levy: the levy will be used to invest in school sports and healthy living programmes.

The bill also contains measures on implementing Making Tax Digital. Eventually businesses, self-employed people and landlords will need to update HMRC quarterly through digital software.

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