Finance Bill 2021

Supporting documents for Finance Bill 2021, the vehicle for renewing annual taxes, delivering new tax proposals and maintaining administration of the tax system.

Further draft legislation published for Finance Bill 2021

The government is committed, where possible, to publishing most tax legislation in draft for technical consultation before the relevant Finance Bill is laid before Parliament.

The consultation on draft clauses is intended to make sure that the legislation works as intended.

The final contents of Finance Bill 2021 will be subject to confirmation at Budget 2021.

Each measure comprises:

  • a tax information and impact note (TIIN) which sets out what the legislation seeks to achieve, why the government is undertaking the change and a summary of the expected impacts
  • draft legislation
  • an explanatory note which provides a more detailed guide to the legislation

Also included are the impacting definitions for the tax information and impact notes and the Financial Secretary to the Treasury’s declaration about the tax information and impact notes.

The consultation on draft clauses will close on 7 January 2021.

Other draft legislation for this Finance Bill was published on 21 July 2020. At that point, the Bill was expected to be Finance Bill 2020-21 and this was reflected in the published documents

Read the draft legislation published for consultation on 21 July 2020.

The tax impact of the withdrawal of LIBOR and other benchmark rates

Amendments to the hybrid and other mismatches regime for Corporation Tax

Preventing abuse of Research and Development tax relief for small and medium-sized enterprises

Introduction of a new plastic packaging tax

Changes to tackle Construction Industry Scheme abuse

Published 12 November 2020