After a tumultuous period of change for the government, we have finally had confirmation from the Leader of the House that the Finance Bill will be delayed until after the summer. The Finance Bill has completed the committee stage and is scheduled to begin the Report stage on Monday 5 September 2016 after the summer parliamentary recess.
The Finance Bill 2016 was published following the Budget in March and runs to almost 600 pages. The Bill contains the legislation for many of the tax measures that had been announced by the government at Budget 2016, Autumn Statement 2015 and Summer Budget 2015.
This includes an increase in the personal tax allowance to £11,500 and the Income Tax higher-rate band to £45,000 for 2017-18 as well as the necessary legislation for the new Capital Gains Tax rates coming into effect from April. The Finance Bill will also put in place the new lower Corporation Tax rate of 17% from 2020.
The Finance Bill will go through a number of further stages in the House of Commons before proceeding through a further process in the House of Lords prior to becoming an Act of Parliament. There have been a number of amendments to the Finance Bill since it was first published.