Finance Bill, 1981

Public bill · Government · Introduced

Raises income-tax exemption limits and several personal allowances, including for PAYE workers, one-parent families, older people, blind people and families caring for disabled people. It introduces optional three-year income averaging for full-time farmers, extends instalment payments and increases farmers’ stock relief, while ending resource tax and offering charities tax exemption on farming profits used for charitable purposes. To encourage investment, it provides major tax allowances for rented housing, building conversions, car parks, toll roads and industrial premises. It also increases duties on beer, tobacco, spirits, wine, petrol, diesel, televisions and cheques, raises vehicle registration fees, reduces the licence duty for refreshment houses, gives prefabricated buildings the lower building-work VAT rate, and strengthens measures against stamp-duty avoidance.

Last updated 10 June 2020