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The fourth sitting of the Public Bill Committee’s debate of this year’s Finance Bill.
The Public Bill Committee began proceedings with a look at clause 64 which aims to prevent tax avoidance on plant and machinery payments. Rebecca Long Bailey (Lab) was interested to know what activity had given rise to the measure.
David Gauke financial secretary to the Treasury said the intention was to ensure that tax is chargeable on consideration received in return for agreeing to take over tax-deductible lease payments. HMRC had become aware of arrangements carried out in such a way that there was no charge for tax on that consideration. The new lessee would then be able to obtain tax deductions for rental payments funded by the non-taxable consideration received.
Inheritance tax
Next the committee discussed clause 82 and Sch 15 on the residence nil-rate band. Mr Gauke explained that the legislation would allow it to apply to individuals who downsized...
