Finance Bill receives Royal Assent
The Finance Bill 2017 officially known as Finance (No. 2) Bill received Royal Assent on 27 April 2017 following agreement by both Houses on the text of the Bill. The Bill is now an Act of Parliament (law) known as Finance Act 2017.
The Finance Bill was one of 22 Bills fast-tracked through Parliament to receive Royal Assent before the 2016-17 Parliamentary session was brought to a close with a ‘prorogation’ announcement on Thursday 27 April 2017.
The Finance Act 2017 contains just 148 pages compared to the 762 pages when it was first published. The measures in the Act include changes to the main Income Tax rates for 2017-18, new overseas pensions and offshore transfers measures, the introduction of the soft drinks industry levy and some VAT and IPT measures.
Parliament was dissolved on Wednesday 3 May for the 2017 General Election on 8 June.
The Finance Bill 2014 was presented to Parliament on 25 March 2014. The Bill contains the legislation for many of the tax measures that have been announced by the Government.
The Finance Bill 2014 was formally known as Finance Bill 2014-15. The Bill received Royal Assent on 17 July 2014 following agreement by both Houses on the text of the Bill. The Bill is now an Act of Parliament(law) known as Finance Act 2014.
The Finance Act includes new powers that will allow HMRC to collect accelerated payments from users of tax avoidance schemes. The Finance Act will also give HMRC’s debt collection team authority to recover financial assets from the bank accounts of debtors who owe over £1,000 of tax or tax credit debts under certain circumstances. A minimum of £5,000 must be left in the debtors accounts.