Finance Bill 2021-22 published
The government published the Finance Bill 2021-22 on 4 November 2021. The Bill is officially known as Finance (No.2) Bill 2021-22. The Bill contains the legislation for many of the tax measures announced in the recent Autumn Budget. The second reading of the Finance Bill will be held on Tuesday 16 November 2021. The Bill extends to some 194 pages making it one of the shortest Finance Bills in recent years.
Some of the many measures included within the Bill are:
- Reforming the UK’s Tonnage Tax regime to bring more shipping firms to the UK
- Extending tax reliefs for museums, galleries, theatres and orchestras to 31 March 2024
- Extending the £1 million Annual Investment Allowance cap by a further 15 months to 31 March 2023, to bring forward investment
- Implementing the 4% Residential Property Developer Tax on the largest most-profitable residential developers to support building safety remediation
- Simplifying Basis Period Rules to make it easier for the self-employed and small businesses to claim tax reliefs they are entitled to but often do not take advantage of due to confusing current rules.
- Clamping down on promoters of tax avoidance by reducing the scope for promoters to market tax avoidance schemes, disrupting their activities and supporting people to avoid tax avoidance arrangements
- Increasing the Normal Minimum Pension Age from 55 to 57, effective from 6 April 2028.
Looking for more information on the 2021 budget – read our full breakdown and overview here.