Legislation Day (L Day) – 20 July 2021

Legislation Day (L Day) – 20 July 2021

L Day is one of the key dates in a tax professional’s calendar, as it marks the beginning of the annual Budget and Finance Bill cycle.

On L Day, the government publishes draft clauses to form part of the Finance Bill that will be introduced to Parliament after the Autumn Budget. This year L Day fell on 20 July 2021.

While there were few surprises, tax practitioners have been waiting to see the details of the legislation enacting the new rules obliging large businesses to tell HMRC when they adopt an uncertain tax position, and the provisions relating to asset holding companies.

There were also some new announcements, including a reform of the rules on basis periods for taxing unincorporated businesses.

For LexisPSL Tax’s analysis of the key business tax developments on L Day 2021, see:

Legislation Day: Draft Finance Bill 2022—Tax analysis

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