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Overview of Tax Legislation and Rates

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Overview of Tax Legislation and Rates Overview of Tax Legislation and Rates 29 October 2018 Contents 1. Finance Bill 2018-19 Income Tax ..................................................................... 4 Capital Allowances .............................................................................................................................. 5 Corporation Tax .................................................................................................................................. 6 Capital Gains Tax ............................................................................................................................... 10 Inheritance Tax ................................................................................................................................. 12 Value Added Tax ............................................................................................................................... 12 Indirect Tax ....................................................................................................................................... 13 Excise ................................................................................................................................................. 14 Stamp Taxes ...................................................................................................................................... 16 Avoidance and Evasion ..................................................................................................................... 17 Tax Administration ............................................................................................................................ 18 2. Measures Not in the Finance Bill 2018-19 ..................................................... 20 Income Tax ........................................................................................................................................ 20 Employment Taxes and Benefits ....................................................................................................... 21 Corporation Tax ................................................................................................................................ 22 Inheritance Tax ................................................................................................................................. 24 Value Added Tax ............................................................................................................................... 24 Indirect Tax ....................................................................................................................................... 26 Excise ................................................................................................................................................. 27 Stamp Tax .......................................................................................................................................... 29 Avoidance and Evasion ..................................................................................................................... 29 Tax Administration ............................................................................................................................ 30 2 Table 1: Unchanged Measures .......................................................................................................... 31 Table 2: Measures in this document without a corresponding announcement in the Budget report .......................................................................................................................................................... 33 Annex A ............................................................................................................................................. 35 Rates and Allowances ....................................................................................................................... 35 Annex B: Consultations ..................................................................................................................... 69 Annex C: Impact assessments in tax information and impact notes ................................................ 70 Introduction This document sets out the detail of each tax policy measure announced at Budget 2018. It is intended for tax practitioners and others with an interest in tax policy changes, especially those who will be involved in consultations both on the policy and on draft legislation. Finance Bill 2018-19 will be published on 7 November 2018 References to ‘Finance Bill 2018-19’ refer to the Finance Bill which will be introduced to Parliament following Budget 2018. References to Finance Bill 2019-20 which will be introduced to Parliament following Budget 2019. The information in the document is set out as follows: Chapter 1 contains details of measures that are included in Finance Bill 2018-19 Chapter 2 contains details of measures which are part of Budget 2018 but are not in Finance Bill 2018-19 Table 1 lists measures which were announced on 6 July 2018 and which have not changed. Table 2 lists measures in this document without a corresponding announcement in the Budget report, which are part of Budget 2018. Annex A provides tables of tax rates and allowances for tax year 2019 to 2020 and tax year 2020 to 2021. Annex B lists upcoming consultations, calls for evidence and other consultative documents announced at Budget 2018. Annex C provides guidance on impact assessments in TIINs. 3 1. Finance Bill 2018-19 Income Tax 1.1. Income tax: Rates and thresholds: tax year 2019 to 2020 As announced at Budget 2018, the government will legislate in Finance Bill 2018-19 to set the charge for income tax, and the corresponding rates, as it does every year. Finance Bill 2018-19 will set: • The main rates, which will apply to non-savings, non-dividend income of taxpayers in England, Wales and Northern Ireland • The savings rates, which will apply to savings income of all UK taxpayers • The default rates, which will apply to a very limited category of income taxpayers that will not fall within the above two groups, made up primarily of trustees and non-residents Income tax rates and thresholds on non-savings, non-dividend income for Scottish taxpayers are set by the Scottish Parliament. From April 2019 the Welsh Government will set a Welsh rate of income tax for non-savings, non-dividend income for Welsh taxpayers. 1.2. Personal allowance and basic rate limit As announced at Budget 2018, the government will legislate in Finance Bill 2018-19 to increase the personal allowance to £12,500 for 2019-20. The basic rate limit will be increased to £37,500 for 2019-20. The government also sets the personal allowance at £12,500 and basic rate limit at £37,500 for 2020-21. For future years, increases to the personal allowance and basic rate limit will be indexed with the CPI. Changes to the basic rate limit, and higher rate threshold, will apply to England, Wales and Northern Ireland, and to savings and dividends income in the UK. Income tax rates and thresholds on non-savings, non-dividend income for Scottish taxpayers are set by the Scottish Parliament. Changes to the personal allowance will apply to the whole of the UK. 1.3. Tax treatment of social security income As announced at Budget 2018, the government will legislate in Finance Bill 2018-19 to confirm the income tax treatment of nine new and existing social security benefits. The legislation will confirm that the following eight benefits are exempt from income tax: Young Carer Grant, Best Start Grant, Funeral Expense Assistance and Discretionary Housing Payment (introduced by the Scottish government); Discretionary Support Scheme (overseen by the Northern Ireland Executive); and, Council Tax Reduction Scheme, Discretionary Housing Payment and the Flexible Support Fund (overseen by the UK government). The legislation will confirm the Carer’s Allowance Supplement in Scotland is subject to income tax in accordance with the 2016 agreement between the Scottish government and the UK government on the Scottish Government’s Fiscal Framework. 4 The changes will have effect on and after Royal Assent of Finance Bill 2018-19. [TIIN] 1.4. Charity small trading tax exemption increase As announced at Budget 2018, the government will legislate in Finance Bill 2018-19 to increase the charities’ small trading exemption limits. These limits apply to trading that does not relate to the charities’ primary purpose. The exemption recognises that in practice charities may engage in some small scale non-primary purpose trading without incurring a tax liability on the profits of that trade. Currently the limits are set at £5,000 where turnover is under £20,000 and £50,000 where turnover exceeds £200,000. This measure will increase these small trading exemption limits for charities to £8,000 and £80,000 respectively. The changes will have effect on and after 6 April 2019 for unincorporated charities and from 1 April 2019 for incorporated charities. [TIIN] 1.5. Setting the starting rate for savings As announced at Budget 2018, the 0% band for the starting rate for savings income will remain at its current value of £5,000 for 2019-20. This measure will apply to the whole of the United Kingdom. Capital Allowances 1.6. Structures and Buildings Allowance As announced at Budget 2018, the government will introduce a new Structures and Buildings Allowance (SBA). This measure will provide relief for qualifying capital expenditure on new non-residential structures and buildings. Relief will be available for eligible
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