The Finance Act

Finance Act 2019
Full text of the Act as enacted on 12 February 2019.

Explanatory notes
Budget Resolutions and explanatory notes.

The Finance Bill

Revised Finance (No.3) Bill (HL Bill 154)
A revised version of the Bill which included the amendments passed in the House of Commons was published on its introduction to the House of Lords, with the first reading on 9 January 2019.

Finance (No.3) Bill
Text of the Bill as published on 7 November 2018.

Draft provisions for Finance (No.3) Bill
Draft provisions for the Bill, published on 6 July 2018. A set of explanatory notes for the draft provisions was also published.

Finance Bill 2018-19 collection
Collection of supporting documents and information for the Bill, including separate pages for each set of draft clauses organised by category. These pages offer draft text, notes, summaries, and any relevant consultations and responses.

Related briefing papers

2018 Budget & Finance (No.3) Bill 2017-19
House of Commons research briefing paper on the Finance Bill. The briefing includes links to briefing material relating to the clauses selected for debate by the Committee of the Whole House. Published on 24 December 2018.

The Budget and the annual Finance Bill
House of Commons briefing paper which sets out the usual process for a Finance Bill from publication to Royal Assent with an example of how procedural rules can affect the time line. Published on 27 September 2018.

Summary of Finance Bills and Acts issued in 2017-2019

ICAEW

The Tax Faculty provided regular news and updates on Finance (No.3) Bill 2018. These included: 

Blog posts and articles

• Entrepreneurs’ relief, alphabet shares and personal company definition resolved
  Blog post highlighting an amendment to the Finance Bill 2018-19 tabled by the government which will protect Entrepreneurs' Relief (ER). The amendment comes after considerable input from ICAEW and other professional bodies following concern that the original wording would threaten the entitlement of owners of alphabet shares to Entrepreneurs' Relief (ER). Published 26 December 2018.
• Capital Allowances for Structures and Buildings
  Blog post highlighting the input needed from members views by 31 December 2018 to help inform the Tax Faculty response to HMRC on the new Structures and Buildings Allowance (SBA) proposed by clause 29, Finance Bill 2018-19. Published 21 November 2018.
• Budget 2018 and Finance (No.3) Bill webinar
  A Tax Faculty November 2018 webinar which considered aspects of the Finance (No.3) Bill 2018-19. The webinar is free for all ICAEW members and available to view on demand. 

Representations

• Clause 16 and Schedule 4: Tax avoidance involving profit fragmentation
  Rep 4/19 contains the text of a briefing submitted to MPs on 3 January 2019 covering clause 16 and schedule 4 of the finance bill. Published 3 January 2019.
• Clause 10: Exemption for expenses related to travel
  Rep 3/19 contains the text of a briefing submitted to MPs on 3 January 2019 covering clause 10 of the finance bill. Published 3 January 2019.
• Clause 7: Optional remuneration arrangements: arrangements for cars and vans
  Rep 2/19 contains the text of a briefing submitted to MPs on 3 January 2019 covering clause 7 of the finance bill. Published 3 January 2019.
• Clause 29: Construction expenditure on buildings and structures
  Rep 1/19 contains the text of a briefing submitted to MPs on 3 January 2019 covering clause 29 of the finance bill. Published 3 January 2019.
• Temporary increase to annual investment allowance
  Rep 133/18 contains the text of a letter sent to Mel Stride, Financial Secretary to the Treasury, concerning para 2(3), Schedule 12. Published 4 December 2018.
• Clause 52 and Schedule 17: VAT grouping and group eligibility
  Rep 131/18 includes the text of a briefing submitted on 27 November 2018 to MPs on Clause 52 and Schedule 17: VAT grouping and group eligibility. Published 3 December 2018.
• Optional remuneration requirements for cars and vans
  Rep 130/18 includes the text of a briefing submitted on 26 November 2018 to MPs on Clause 7: Optional remuneration arrangements: arrangements for cars and vans . Published 28 November 2018.
• Exemption for expenses relating to travel
  Rep 129/18 includes the text of a briefing submitted on 19 November 2018 to MPs on Clause 10: Exemption for expenses related to travel. Published 27 November 2018.
• HMRC powers and Making Tax Digital for VAT
  Rep 126/18 provides the submission prepared by the Tax Faculty in response to the the call for evidence on Finance (No.3) Bill 2017-19 from the House of Lords Economic Affairs Committee Finance Bill Sub-committee
• Rent a room relief
  Rep 108/18, on Clause 14 of the draft bill, covering rent-a-room: non-exclusive residence. Published 29 August 2018.
• Clauses 33 and 34
  Rep 107/18, on Clauses 33 and 34 of the draft bill, covering time limits for assessments involving offshore matters: IT, CGT and IHT. Published 31 August 2018.
• Avoidance involving profit fragmentation arrangements
  Rep 106/18, on Clause 10 Schedule 6. Published 30 August 2018.
• Chargeable gains accruing to non-residents and returns for disposals of land
  Rep 105/18, on Clause 6, Schedules 1 and 2 of the draft bill. Published 31 August 2018.
• Late submission penalties
  Rep 104/18, on Clause 30, Schedules 11 and 12 of the draft bill. Published 31 August 2018.
• Entrepreneur’s’ relief: company ceasing to be individual’s personal company
  Rep 103/18, on Clause 15 of the draft bill. Published 29 August 2018.
• VAT groups: eligibility
  Rep 102/18, on Clause 18 and Schedule 10 of the draft bill. Published 28 August 2018.
• Exemption for expenses related to travel
  Rep 99/18, on Clause 4 of the draft bill. Published 24 August 2018.
• Optional remuneration arrangements
  Rep 97/18, on Clause 1 of the draft bill. Published 24 August 2018.

Commentary from firms and other advisers

Tax experts have produced analysis of the clauses from the initial realease of the draft clauses through to the passage of the bill through Parliament, including:

• Finance Bill 2018-19: House of Commons report stage completed
  Article from Tax Matters Digest, KPMG's weekly newsletter, reporting on the final stages of the passage of the Finance Bill through the House of Commons. Published on 11 January 2019.
• Finance Bill 2018-19: Report Stage Amendments
  Article from Tax Matters Digest, KPMG's weekly newsletter, looking at the amendments tabled by the Government on the tax treatment of intangible assets. Published on 4 January 2019.
• What stage is the Finance Bill at?
  Article from Tax Matters Digest, KPMG's weekly newsletter, providing an update on the progress of the Finance Bill through Parliament. Published on 30 November 2018.
• Finance Bill 2018-19 and consultations follow-up
  Article from Tax Matters Digest, KPMG's weekly newsletter, featuring commentary on three measures announced in the Finance Bill. These cover controlled foreign companies; non-resident’s CGT on UK real estate in collective investment schemes; and UK residents’ payment and reporting for residential property gains. Published on 16 November 2018.
• Finance Bill 2018-19 published
  Article from Tax Matters Digest, KPMG's weekly newsletter, reporting on the publication of the Finance Bill through Parliament. Three commentaries were published alongside this on capital allowances, the taxation of intangibles, and hybrid capital instruments. Published on 9 November 2018.
• Changes to capital gains tax obligations for property
  Article from RSM on the draft bill's implications for residential property.
• Draft Finance Bill 2018-19
  Index of all BDO's commentary on the draft legislation.
• What does the Finance Bill mean for real estate tax?
  Sarah Gatehouse of Grant Thornton comments on the tax proposals affecting the real estate sector.
• Finance Bill 2018-19
  Portal maintained by KPMG, collecting news and commentary on the legislation.

Commentary and resources from other organisations

Tax experts in other organisations and professional bodies have produced briefings, commentary and resources on the bill.

• CIOT Liveblog
  The Chartered Institute of Taxation have liveblogged the committee stages of the Finance (No.3) Bill.

Articles and books in the Library collection

• View a list of articles and books in our collection on Finance Act 2019

To find out how you can borrow books from the Library please see our guide to book loans.

You can obtain copies of articles or extracts of books and reports by post, fax or email through our document supply service.

Archive

The Library holds an extensive collection of Finance Acts (from the 19th century onwards), Finance Bills (from 1951 onwards), debates on the Finance Bill as recorded in Hansard, and Standing Committee Debates on the Finance Bills. Alongside this you can also find many publications from the ICAEW and other bodies on the Finance Bills and Acts.

For full details of our holdings in this area, see our guide to Finance Acts and Bills in the Library collection.

We also maintain an online archive of links and resources for Finance Acts 1980–1995 and for Finance Acts 1996–.