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Draft Finance Bill 2021—tackling construction industry scheme abuse

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Published on: 04 December 2020

Published by a LexisNexis Tax expert

Table of contents

What is the background to this draft legislation?
What does the draft legislation propose?
A power to enable HMRC to amend the effect of certain CIS deduction claims on employer returns made by subcontractors
Changes to the current rules on deemed contractors
Changes to the current rules on the cost of materials
Expansion of the scope of the CIS false registration penalty
Does the draft legislation cover all proposals contained in the March 2020 consultation or are there differences?
What is the key impact of the draft legislation and do you have any practical concerns?

Article summary

Tax analysis: Tracey Wright, partner at Osborne Clarke LLP, explains the background to the Draft Finance Bill 2021 and the government’s plan to tackle construction industry scheme (CIS) abuse.

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