Draft legislation for the 2016 Finance Bill
The Government has today published draft legislation to be included in the 2016 Finance Bill, together with explanatory notes, amounting in total to several hundred pages.
Most of the material relates to measures that were announced in principle in the July 2015 post-election Budget, or in the Autumn statement on 25 November 2015. In many cases, it reflects the results of consultation exercises.
The broad shape of the legislation is now determined. The Government is seeking views on whether the draft legislation achieves its objectives, and whether it throws up unexpected anomalies, but at this stage it is not open to representations that there should be major policy changes.
The legislation will take effect from a variety of dates, as indicated.
The published material deals with some 60 separate areas, as listed to the right. Included in the list are a small number of areas where the draft legislation was issued on 25 November in conjunction with the Autumn Statement, and areas where legislation was not issued today but is expected early in 2016.
Unusually, this year, the draft material for the 2016 Finance Bill is appearing only shortly after the previous Finance Bill (which became the Finance (No 2) Act 2015) received Royal Assent, which took place on 18 November. This situation arises because the Government introduced an additional Finance Bill in July following the General Election.