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This document summarises respondents’ views on implementing the extension of securities, and the government’s response.
This has informed draft legislation for introduction in Finance Bill 2017 to 2018, and will also inform the drafting of regulations which will be published for technical consultation later this year.
The government announced at Autumn Budget 2017 that it will introduce legislation in Finance Bill 2018 to 2019 to extend the current scope of security deposit legislation to include Corporation Tax and Construction Industry Scheme deductions. This will take effect from April 2019.
We are seeking views on HMRC’s proposals for implementing this change to ensure that it is introduced in the most effective way, that the legislation is targeted, and that there are appropriate safeguards.