VAT News

2017 Finance Act dropped planned Making Tax Digital provisions:

16.05.2017

A shortened Finance Bill received Royal Assent on 27th April.

With the rush to get the Bill through before Parliament ended, Making Tax Digital (MTD) plans were one of the features dropped. Also on the editing floor were reforms to corporate loss relief and substantial shareholdings exemption, and changes to the tax-free dividend allowance and money purchase annual allowance.

Working through our links with the British Chambers of Commerce Tax Committee the view is that all these provisions will be reinstated following the election, however there is uncertainty as to whether amendments will be made because of this delay.

The Finance Act 2017 can be found HERE