The draft legislation will be published for consultation ahead of this year’s Autumn Budget.
Ahead of the Autumn Budget, Mel Stride has confirmed in a Written Ministerial Statement that the draft legislation that will make up Finance (No.3) Bill will be published on 6 July, along with accompanying explanatory notes, tax information and impact notes, responses to consultations and other supporting documents. In line with the Government’s approach to tax policy making, this will allow for a period of technical consultation before the legislation is laid before Parliament after the Budget. Finance (No.3) Bill will eventually become Finance Act 2019 and the publication of draft clauses is widely referred to as ‘Legislation Day’ or ‘L-Day’.
The Written Ministerial Statement can be found here. Keep an eye on Tax Matters Digest for further details of our coverage closer to the date of publication.
Changes to the tax policy making process were announced by the Chancellor at Autumn Budget 2016 and the first Budget to take place within the new cycle was Autumn Budget 2017. The Government’s explanation of the new cycle along with example timetables can be found here.
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