The delay meant MPs and select committees had insufficient time to examine the proposals and consult on detailed draft legislation, with the result that many of the changes expected to come into force from 1 April 2017 were not legislated for.

The Treasury has published updated explanatory notes which give a brief description of each of the Finance Bill resolutions.

The list of some 50 notes covers a range of topics, including the tax treatment of payment for the termination of employment; provisions relating to the money purchase annual allowance for pensions; changes to the rules regarding the tax treatment of non-doms; the regime for charging inheritance tax on overseas properties with value attributable to residential property in the UK; and digital record-keeping and reporting for VAT.

There is also a resolution providing for changes to the rules for taxing employment income paid through third parties to restrict a specific relief for payments of tax to exclude payments of income tax and National Insurance contributions (NIC). This removes an unintended consequence of the relief. The changes will have effect from 21 July 2017.

Notes on Finance Bill: September 2017 resolutions is here.

Report by Pat Sweet