Sunday, July 4, 2010

Second Finance Bill has just 11 clauses

The Second of this year's three Finance Bills was published on 30 June.

In just 11 clauses and 5 schedules it covers key elements of the June Budget regarding:
  • new rates of CT, CGT, VAT and IPT
  • simplification of the rules to remove tax relief from pension contributions by those earning more than £150k
  • the rule requiring anyone aged 75 to use their pension fund to buy an annuity
  • the exemption from tax of MPs' expenses and allowances
  • the corporation tax rules on loan relationships and derivative contracts
  • An anti-avoidance rule affecting insurance companies
The Finance Bill will receive Royal Assent before the end of the month when Parliament goes into recess. In addition to the Finance Bill, the Government has also published Explanatory Notes and Lobby Notes.

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