Finance Bill 2012 at a glance

Highlights

• Quick analysis
• Business taxation
• Personal tax
• HMRC powers & administration
• Finance Bill 2012 links & resources

The government's new approach to tax policy making is to put more measures out for detailed consultation in the year before they are enacted. This is to be applauded for improving the quality of legislation, but this year resulted in a Budget's worth of draft legislation. Here are the main issues identified so far: 

Business taxation

• SEIS and other incentives for entrepreneurs
• Capital allowances changes
• Extra statutory concession C16 goes statutory with £25,000 limit  
• Incentives for entrepreneurs
• Corporate Tax overview
• Changes to fuel duty
• Lloyd’s stop-loss insurance
• Charities round-up 
• Changes to VAT

Personal tax

• Residency test deferred
• Income Tax table

HMRC powers & administration

• Dishonest agents face £50,000 fines
• Tax agent strategy: summary of responses

Finance Bill 2012 links & resources

• HMRC Finance Bill 2012 page
• Treasury Finance Bill 2012 page
• Finance Bill 2012 - full AccountingWEB coverage
• Consultation tracker - find out what's due to turn up in the 21 March 2012 Budget