Following the Prime Minister’s recent decision to call a general election on 8 June, several measures which were due to be enacted in the forthcoming Finance Bill have been shelved, effectively placing them on hold until after the election. Snap election uncertainty is unavoidable but you can be prepared.
Among the 72 clauses removed include:
- Plans to make businesses and individuals start filing multiple tax returns each year – a policy known as Making Tax Digital – through digital means from 2018
- A reduction in the tax-free dividend allowance from £5,000 to £2,000 from April 2018
- A plan to reduce the Money Purchase Annual Allowance (MPAA) from £10,000 to £4,000
A re-elected conservative government is expected to reintroduce these measures and seek their royal assent after 8 June, however, a period of uncertainty is created for businesses and individuals who are affected by the outcome.
For further information on any of the above topics or to discuss your individual circumstances, please contact CB Reid on 01305 215800 or info@cbreid.co.uk