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And the tax goes on
Key points
- Employment tax changes include amendments to post-employment pay notices calculations.
- Collective money purchase benefits will operate in the same way as other UK registered pension schemes.
- Government is considering modernising the administrative framework for tax.
- HMRC powers to be extended with introduction of financial institution notices.
The initial draft clauses for the 2021 Finance Act were published on 21 July 2020 and include more detail on proposals that have already been announced. The final contents of the bill will be subject to confirmation at autumn Budget 2020.
This article is based on the Simon’s Taxes summary of the draft Finance Bill provisions.
Termination payments
Changes will be made to improve the fairness of post-employment notice pay (PENP) legislation so that individuals will not receive more or less favourable tax treatment depending on their contract or residence status.
A new PENP calculation will be used...
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