Legislation day 2020

Produced by Tolley
Legislation day 2020

The following Corporation Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:

  • Legislation day 2020

Today saw the latest instalment in the never-ending cycle of tax announcements. Most of what has been published is draft legislation to give effect to proposals that have already been made. Our initial reaction is that there is nothing in these drafts that will set pulses running, but we will be publishing detailed analysis of the legislation in our usual commentary sources over the coming days.

Much more interesting is the publication of a document setting out the Government’s long-term framework for Making Tax Digital (MTD). The grand plans for the abolition of the tax return, which were set out as long ago as 2015, got rather stuck in the mud, but MTD for VAT is now in operation for many businesses, and the Government has now announced plans to revive the MTD programme for income tax. The headline is that MTD will be compulsory for businesses and landlords from April 2023, including a requirement for quarterly reporting and electronic record-keeping. A consultation on MTD for corporation tax will be published later this

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