The Government has published the draft legislation for Finance Bill 2019-20, along with accompanying explanatory notes, tax information and impact notes, responses to consultations and other supporting documents. The Bill will contain the legislation for some of the tax measures that were announced by the Government at Autumn Budget 2018 many of which have since been the subject of further consultation.
The publication of the Finance Bill is in line with the approach to tax policy making set out in the Government’s documents 'Tax Policy Making: a new approach', published in 2010, and 'The new Budget timetable and the tax policy making process', published in 2017 whereby the Government committed to publishing most tax legislation in draft for technical consultation before the legislation is laid before Parliament.
This Finance Bill will see the introduction of a number of measures from April 2020 including:
The consultations on the draft legislation will close on 5 September 2019, with measures included in the next Finance Bill. The Finance Bill will become known as Finance Act 2020 after Royal Assent is received.