Finance Bill 2020 progress
07/07/2020

The government’s Finance Bill 2020 (formally known as Finance Bill 2019-21) has now completed its passage through the House of Commons and the 1st reading at the House of Lords took place on 2 July 2020. This stage is a formality that signals the start of the Bill's journey through the Lords. The date for the 2nd reading of the Bill, where a general debate on all aspects of the Bill will take place has not yet been announced.

The Bill is known as a 'Money Bill' which means that the further stages of the Bill namely, the committee stage, report stage and third reading at the House of Lords are usually formalities. Once these steps have been completed, the Bill will receive Royal Assent and become an Act of Parliament known as Finance Act 2020.

The Bill contains the legislation for some of the tax measures that were announced when the Chancellor of the Exchequer presented his Budget to Parliament on Wednesday 11 March 2020. This includes the reduction in Entrepreneurs’ relief lifetime limit, changes to main residence relief, increased R&D credits and the introduction of the Digital Services Tax. In addition, a number of important amendments and new clauses to the Bill were introduced at the report stage concerning the Coronavirus pandemic.


About Us

We are qualified and experienced medic accountants and business advisors who have been in general practice for over 20 years having helped medic & dentist clients in meeting their aims of maximizing profits and both retaining and building on the rewards of their hard work.

Newsletter

With our newsletter, you automatically receive our latest news via e-mail and get access to the archive including advanced search options!

» Sign up for the newsletter
» Login

Contact Us

Medic Accountants
Cromer Business & Innovation Centre
North London Business Park
Oakleigh Road South
London N11 1GN
Ph: + 44 (0) 207 183 0034
Fx: + 44 (0) 207 100 1082
Registered in Companies House England & Wales

Birmingham office
Cambrai Court,
1229 Stratford Road,
Hall Green,
Birmingham,
B28 9AA
Ph: 0121 285 4550
Fx: 0121 285 4551

Copyright © 2018 - Medic Accountants company. All rights reserved.  Website Privacy Policy