Measures to help taxi drivers to buy cleaner vehicles, remove barriers for investment in the oil and gas industry, and tackle tax avoidance using profit fragmentation are just some of the key policies that will be legislated for in the Finance Bill 2018-19, published in draft today (6 July 2018).
This legislation, which implements tax policies announced in recent fiscal events, continues the government’s commitment to a competitive and fair tax system.
Mel Stride, Financial Secretary to the Treasury, said:
Britain is one of the best places in the world to do business, and we’re determined to see that continue.
This legislation illustrates our commitment to creating an environment in which innovation and enterprise can thrive, while ensuring that everyone plays by the same rules.
The consultation on the draft legislation will run until 31 August 2018, with measures included in the next Finance Bill.
As part of the government’s new single fiscal event timetable, earlier publication of Finance Bill legislation allows more time for scrutiny of tax measures, giving greater certainty and stability to taxpayers.