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Tax changes dropped from Finance Bill

Tax changes dropped from Finance Bill

Provisions to introduce Making Tax Digital have been removed from the Finance Bill and are therefore absent from the Finance Act, which received Royal Assent on 27 April 2017.

Other provisions dropped include the tax-free allowance on trading income for self-employed people who earn £1,000 or less and the reduction in the tax-free dividend allowance. The Government’s “pragmatic” approach has been welcomed by
the Chartered Institute of Taxation, which had warned about the risks of rushing numerous tax changes through without proper parliamentary scrutiny.
However, the institute also predicts that many of the provisions will return after the general election.

Read more about the changes to the Finance Bill at: https://goo.gl/gZ3bWd.

Credit: FSB

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