The second reading of the Finance (No.2) Bill 2015-16 took place in the House of Commons on 11 April 2016, on which day the programme for consideration for the rest of the Bill was also agreed. Certain clauses in relation to employment income, corporation tax rates and R&D, capital allowances, trade and property business profits, capital gains tax, insurance premium tax, climate change levy and tax avoidance and evasion will be considered by a Committee of the whole House over two days as yet to be announced. The remainder of the Bill will be considered by a Public Bill Committee which will complete its proceedings by 14 July 2016. However, due to the 28 day ‘purdah’ period before the EU referendum on 23 June, the time given to consideration of the Bill is likely to be limited.
During the second reading debate, the Government also confirmed that it will table an amendment so that annexes are excluded from the 3 percent Stamp Duty Land Tax (SDLT) surcharge on additional residential properties, which applies from 1 April 2016.
Further details on the Bill, including future updates on Committee dates, can be found here.
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