Government publishes Finance Bill 2017-19

The government published Finance Bill 2017-19 on 8 September, reintroducing key legislative measures that were previously dropped from Finance Bill 2017 as a result of the snap General Election.

11 Sep 2017

The government published Finance Bill 2017-19 on 8 September, reintroducing key legislative measures that were previously dropped from Finance Bill 2017 as a result of the snap General Election.

The reduction in the pensions money purchase annual allowance (MPAA) was included in the Bill, which has fallen from £10,000 to £4,000. This measure will be enforced retrospectively, and has been backdated to the beginning of the 2017/18 tax year. The government also intends to introduce a £500 pensions advice allowance, which will replace the current £150 cap.

Meanwhile, a reduction in the dividend allowance means that it is set to fall from £5,000 to £2,000 from April 2018.

Key Making Tax Digital (MTD) reforms were also included in the Bill, which outlined framework for VAT reporting under MTD.

Commenting on the publication of the Finance Bill, John Cullinane, Tax Policy Director at the Chartered Institute of Taxation (CIOT), said: ‘The Bill… contains clauses paving the way for MTD, substantial changes to the rules for fulfilment businesses and a range of anti-avoidance measures, including penalties for enablers of avoidance schemes.’

Quick Links

Home | Contact us | Accessibility | Disclaimer | Help | Site map |

© 2018 Blue Spire Limited. All rights reserved.

We use cookies on this website, you can find more information about cookies here.

Contact Chichester Office

Tel: +44 (0)1243 781234
Fax: +44 (0)1243 791770
Email: chichester@bluespiregroup.com


Contact Brighton Office

Tel: +44 (0)1273 739533
Fax: +44 (0)1273 732844
Email: brighton@bluespiregroup.com

Chichester Address
Cawley Priory, South Pallant, Chichester, West Sussex PO19 1SY

Brighton Address
5th Floor Intergen House, 65-67 Western Road, Hove, East Sussex BN3 2JQ

Blue Spire Limited is Registered to carry out audit work in the UK and Ireland and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales C004152645. Professional indemnity insurance is provided by Royal & Sun Alliance Insurance Plc 9th Floor, One Plantation Place, 30 Fenchurch Street, London, EC3M 3BD and its territorial coverage is worldwide (excluding United States/Canada).
Blue Spire Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. FSA register https://www.fca.org.uk/register reference 566257. This guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at customers based in the UK