UK: Expected timetable for Finance bill

UK: Expected timetable for Finance bill

The UK Parliament currently is on recess, but there is more information about the likely timetable for the Finance bill in the autumn.

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In its 2015 budget, presented on 8 July 2015, the UK announced further corporate tax rate reductions to 18% in 2020 and repeal of corporate tax relief for acquired goodwill and other customer-related intangible assets. The Finance bill had its second reading on 21 July 2015. Further consideration of the bill is expected after the summer recess. When Parliament returns after the summer recess, the bill will move onto the committee stage.

Clauses (and associated schedules) expected to be considered in a Committee of the Whole House on Tuesday, 8 September 2015 concern:

  • Bank levy
  • Banking company surcharge
  • Insurance premium tax
  • Climate change levy

The remainder of the bill will be considered in a Public Bill Committee, expected to complete its work by Tuesday, 20 October 2015.

Read a July 2015 report [PDF 576 KB] prepared by the KPMG member firm in the UK: Weekly Tax Matters (24 July 2015)

Other discussions in this KPMG report concern the following topics:

  • Corporate tax - Consultation on improving large business tax compliance
  • Corporate tax - Abbey National Treasury Services Plc case
  • Indirect tax - VAT and direct marking services using printed matter
  • Employment tax - Alignment of income tax and national insurance, intermediaries’ reporting requirement

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