Financial Provisions (Covid-19) (No. 2) Bill 2020

Public bill · Government · Presented

Introduces a package of Covid-19 financial supports and tax changes for workers, employers, and businesses. It extends and improves wage subsidies, puts a framework around “warehousing” certain tax and payroll debts so businesses can defer payment with reduced or no interest, and adds reliefs such as the Stay and Spend tax credit, a bigger Help to Buy top-up, a more generous Cycle to Work scheme, loss relief for self-employed people and companies, and a temporary VAT cut. It matters because it was designed to help keep people employed, ease cash-flow pressure, and support spending and recovery during the pandemic.

Formal long title

Bill entitled an Act to provide for the imposition, repeal, remission, alteration and regulation of taxation; to otherwise make further provision in connection with finance; to amend Part 7 of the Emergency Measures in the Public Interest (Covid-19) Act 2020 and otherwise make provision for supports to employers; and to provide for related matters.

Last updated 17 August 2020