Insurance Premium Tax (IPT) is charged on insurance premiums and covers most general insurance. This note gives a short history of the tax since it was introduced in 1993, including the rise in the main rate of tax confirmed in the Spring 2017 Budget.
In March 2015 Parliament passed the Corporation Tax (Northern Ireland) Act 2015 which, subject to commencement regulations, will devolve corporation tax rate setting powers to the Northern Ireland Assembly. The Government has committed to commencing the regime if the NI Executive demonstrates its finances are on a sustainable footing. This note discusses the development of the Government’s policy and the wider debate over corporate tax competition.
A person's 'domicile' is their permanent home, and while this is a concept of general law, it has long been an important consideration in an individual's liability to pay tax in the UK. "Non-domiciles" who live in the UK have been entitled to be taxed under the "remittance basis", where any overseas income or gains is only subject to UK tax if remitted to this country. In the Summer 2015 Budget the Government announced a number of major changes to non-domicile taxation which are to take effect from April 2017. This paper discusses the background to these proposals and the current debate as to their impact.
In the Autumn Budget 2017 the Government announced that it would introduce an income tax and NICs exemption for certain allowances paid to Armed Forces personnel for renting or maintaining accommodation in the UK private market. Provision to this effect was included in the Finance Bill published after the Budget, and now forms section 8 of Finance Act 2018.
Finance Bill 2016 includes provision - specifically clause 7 of the Bill - to ensure that if there is a specific statutory provision for calculating the tax charge on a benefit-in-kind this must be used. This note explains the purpose of this clause.
This paper sets out direct tax rates and principal tax allowances for the 2018/19 tax year, as announced in the Autumn Budget on 22 November 2017. The paper outlines the conditions necessary for eligibility for these tax allowances, and provides a summary of the general tax position in straightforward cases.
The Commission published a draft legal text of the withdrawal agreement in February 2018 and an updated draft on 15 March. On 19 March a third text was published which showed where there is full agreement between the EU and the UK, where there is agreement in principle and where there is no agreement. This paper looks at the recent draft, making reference to earlier drafts where relevant.
This House of Commons briefing page has been prepared in advance of a debate on motions relating to Universal Credit, Children and Young Persons and Social Security. This will take place in the main House of Commons Chamber on Tuesday 13th March 2018.
The Chancellor, Philip Hammond, presented the Government's first Autumn Budget on 22 November 2017. The Government published the Finance Bill, to implement the tax measures contained in the Budget, on Friday 1 December, and the Bill received a Second Reading on Monday 11 December.
This House of Commons Library debate pack briefing has been prepared in advance of a debate entitled ”Strengthening Families”. This will take place in Westminster Hall on 8 February 2018 at 1:30pm and will be led by Fiona Bruce MP.
Following the 2017 Budget on 8 March 2017, the Government published the Finance (No.2) Bill 2016/17 on 20 March 2017. Due to the timing of the General Election, the Bill completed all its remaining stages in the Commons on 25 April, in 'wash up' before Dissolution. In light of the abbreviated timetable for the Bill's scrutiny, the Government removed a significant number of clauses, to be introduced in a Finance Bill later this year. This second Finance Bill was published on 8 September and received Royal Assent on 16 November.