December election and budget cancellation force Finance Bill delay
31 October 2019
The cancellation of the budget and December’s election will ultimately result in the Finance Bill 2019-20 failing to reach Royal Assent by summer 2020.
- The disruption in parliament has resulted in a failure to respond to the feedback on the consultation process for the Finance Bill 2019-20 draft legislation published in July this year.
- With the general election looming, we are expecting not to see a budget take place until January 2020.
- The Finance Bill would need to be rushed through to implement its content changes by April 2020.
- This delay will cause months more uncertainty for contractor supply chains who have already started to make preparations for the new legislative changes.
Aspire Comment
The exceptional political situation means that the usual process of progressing readings of the Finance Bill through parliament are severely impacted and potentially, will delay some of the legislative content in the Bill.
With the amendment to the off payroll amendment included in the bill, the delays are inevitably going to create mass uncertainty across supply chains.
Although there has been no official comment that IR35 will be delayed, it is plain that time will be against the legislation being implemented by April. Watch this space….
If you are experiencing any concerns or uncertainty regarding the delay or the upcoming legislative changes such as IR35, get in touch today on 0121 445 6178 to speak to an advisor.