SECOND FINANCE BILL EXPECTED SOON
The new Conservative government is expected to table a second Finance Bill in this session.
Commentators believe it may include campaign promises such as restrictions on tax relief for pension contributions and the introduction of a transferable £175,000 inheritance tax allowance for main residences.
It may also revive provisions omitted from the Finance Act 2015, such as changes to the loan relationship and derivative contract rules, and measures to allow HM Revenue & Customs to take money directly from taxpayers’ bank accounts. Capital gains tax and non-domiciliary charges may also receive attention.