The draft legislation is open for consultation, and ‘continues the government’s commitment to a competitive and fair tax system’.
It includes plans that could potentially affect a range of taxes, from Stamp Duty Land Tax (SDLT) to income tax.
The draft legislation also outlines the government’s approach to the Making Tax Digital (MTD) penalty system, with HMRC outlining its intention to utilise a two-tier penalty model for businesses and individuals who fail to pay their tax on time.
The July publication of the Finance Bill 2018-19 draft legislation forms part of the government’s new fiscal timetable. It hopes that the earlier publication of the legislation will ‘allow more time for scrutiny of tax measures, giving greater certainty and stability to taxpayers’.
Commenting on the draft legislation, Mel Stride, Financial Secretary to the Treasury, said: ‘Britain is one of the best places in the world to do business, and we’re determined to see that continue.
‘This legislation illustrates our commitment to creating an environment in which innovation and enterprise can thrive, while ensuring that everyone plays by the same rules.’
The consultation on the draft legislation will run until 31 August 2018.