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Committee’s debate on Finance Bill 2021

11 May 2021 / Allison Plager
Issue: 4791 / Categories: Comment & Analysis
A lot of fun together

Key points

  • Annual investment allowance temporary increase confirmed to the end of 2021.
  • Extended carry back losses for businesses.
  • R&D PAYE cap set at £20 000 plus a company’s PAYE liability.
  • Social investment tax relief extended for two more years.

This year’s Finance Bill public bill committee began with the chair Sir Gary Streeter predicting that members were going to have ‘a lot of fun together over the next few days’. He went on to remind them to observe social distancing and that masks had to be worn unless people were speaking or medically exempt. As usual electronic devices were to be on silent mode but members were allowed to remove jackets.

Annual investment allowance

First to be considered was clause 15 which temporarily extends the increased annual investment allowance of £1m to the end of December 2021. After that it reverts to £200 000. Alison...

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