The Finance Act 2020 was given Royal Assent on 22 July 2020. Whilst it brought in numerous tax changes (as each year’s Finance Act often does). Here are a couple of points our readers may be interested in:
- New Digital Service tax effective from 1 April 2020 – but before panic sets in its applicable to group companies worldwide where revenue for relevant digital activity is at least £500m. For more detailed advice speak to your tax adviser.
- HMRC becomes a preferential creditor once again – As of 1 December 2020 HMRC will become a secondary preferential creditor (and therefore take priority over non preferential creditors) in relation to certain tax debts.