The government has published the details of the Finance Bill 2021 on 11 March 2021.
The Bill highlights the important law measures(announced in the recent 2021 Budget) set to come into legislation.
Chancellor Rishi Sunak announced the following measures in his budget speech:
- an extension of the stamp duty holiday in England
- a super-deduction capital allowance
- extensions of the Coronavirus Job Retention Scheme (CJRS)
- the Self-employment Income Support Scheme (SEISS)
- an extension of the VAT cut for the tourism and hospitality sectors
Find out more: Major highlights of Budget 2021
Finance Bill 2021 also reveals plans for changing the penalty criteria for VAT and self-assessment.
The Bill will make sure the measures announced in the Budget take effect from 6 April 2021. It will also ensure the changes taking effect also strengthen finances and secure investment-led recovery. The bill further legislates for tax changes that having been previously announced and consulted upon, which were then confirmed at the Budget.
However, Finance Bill 2021 will now follow the normal proceeding through Parliament.
