The Finance Bill 2017-18 officially known as Finance (No.2) Bill 2017-19, received Royal Assent on 15 March 2018 following agreement by both Houses. The Bill is now an Act of Parliament to be called the Finance Act 2018. The Act contains the legislation for many of the tax measures that were announced by the Government at Autumn Budget 2017.
Finance Act 2018, introduces a number of diverse measures including the introduction of a new permanent Stamp Duty Land Tax relief for first-time buyers, the freezing of the capital gains indexation allowance for companies from the end of 2017, increases in Vehicle Excise Duty and Company Car Tax rates for diesel cars, and higher limits for some Enterprise Investment Scheme and Venture Capital Trust investments.
The Finance Act also puts in place several new measures to tackle tax avoidance, evasion, and non-compliance in areas including offshore trusts, disguised remuneration and VAT evasion by online sellers.