MTD provision removed from Finance Bill

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(for the time being?)

Provisions to introduce “Making Tax Digital” (MTD) have been removed from the Finance Bill and are therefore absent from the Finance Act, which received Royal Assent on 27 April 2017.

Other provisions dropped include the tax-free allowance on trading income for self-employed people who earn £1,000 or less and the reduction in the tax-free dividend allowance. The Chartered Institute of Taxation has welcomed this “pragmatic approach” by the Government. They had previously warned about the risks of rushing numerous tax changes through without proper parliamentary scrutiny. Despite this, it is expected that many of the dropped provisions will resurface after the general election.

Read more about the changes to the Finance Bill