Finance Bill, 1979

Public bill · Government · Introduced

The Finance Bill, 1979 changes income-tax rules for the 1979–80 tax year, including higher personal allowances, a new £250 allowance for one-parent families, relief for home improvements, and increased relief for mortgage and other personal interest. It brings more short-term social welfare payments and some farmers’ profits into tax, while giving farmers more flexibility over how their profits are assessed and allowing quicker relief for business losses. It also extends tax incentives for investment and employment, closes several tax-avoidance methods, and provides capital-gains relief in some cases involving homes occupied by dependent relatives or transfers to children. Excise duties rise on beer, spirits, tobacco, wine, cider and perry; VAT rules are clarified, charities receive relief from stamp duty on property transfers, and penalties for unlicensed bookmaking increase.

Last updated 10 June 2020