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Finance Bill 2018-19 – The Government Release A Draft Legislation

This legislation, which implements tax policies announced in recent fiscal events, continues the government’s commitment to a competitive and fair tax system.

Gas and Oil Industry (Finance Bill)

Removing barriers for investment in the gas and oil industry, tackling tax avoidance using profit fragmentation and making amendments to the corporate interest restriction rules are just a handful of the key policies that will be legislated for in the Finance Bill 2018-19 which was published in a draft on the 6 July 2018.

This legislation, which implements tax policies announced in recent fiscal events, continues the government’s commitment to a competitive and fair tax system.

Mel Stride, Financial Secretary to the Treasury, said:

“Britain is one of the best places in the world to do business, and we’re determined to see that continue.”

“This legislation illustrates our commitment to creating an environment in which innovation and enterprise can thrive, while ensuring that everyone plays by the same rules.”

The drafts consultation will run until 31 August 2018, with the measures included within the next Finance Bill.

With the governments new single fiscal event timetable, earlier publication of the Finance Bill legislation allows more time for scrutiny of tax measure, giving greater certainty and stability to tax payers.

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