23rd Jul 2020

Finance Act 2020 receives Royal Assent

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.  

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