Government publishes details of Finance Bill 2021

Details of Finance Bill 2021 have been published by the government.

The Bill outlines the key measures set to be brought into legislation, including many measures announced in the recent 2021 Budget.

In his Budget speech, Chancellor Rishi Sunak announced an extension of the stamp duty holiday in England; a super-deduction capital allowance; extensions of the Coronavirus Job Retention Scheme (CJRS) and the Self-employment Income Support Scheme (SEISS); and an extension of the VAT cut for the tourism and hospitality sectors.

Finance Bill 2021 also outlines plans for reforming the penalty regime for VAT and self assessment.

The Bill will make sure the measures announced in the Budget take effect from 6 April 2021. It also legislates for tax changes that were previously consulted on and subsequently confirmed at the Budget.

Finance Bill 2021 will now pass through Parliament in the normal way.

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