Finance Bill 1999

Public bill · Government · Presented

Finance Bill 1999 changes a wide range of taxes, including income tax, corporation tax, capital gains tax, VAT, stamp duty, inheritance and gift tax, and excise duties. It cuts personal income-tax rates, introduces new reliefs for single parents, carers, students, childcare, rural homes and retirement savings, and gradually reduces the main corporation-tax rate to 12.5% by 2003. It introduces withholding tax on dividends, updates taxes on fuel, tobacco and betting, and provides incentives for park-and-ride facilities, student accommodation, childcare premises and certain businesses. Revenue also receives stronger powers to obtain information, inspect financial records and pursue tax offences, while taxpayers and businesses are given a framework for filing returns electronically.

Formal long title

Bill entitled an Act to charge and impose certain duties of customs and inland revenue (including excise), to amend the law relating to customs and inland revenue (including excise) and to make further provisions in connection with finance

Last updated 23 April 2018