Alliotts Budget Summary 2020

15 11 March 2020 l BUDGET Large business notification From April 2021 large businesses will be required to notify HMRC when they take a tax position that HMRC is likely to challenge. Clarifying the treatment of Limited Liability Partnership (LLP) returns The government will legislate prospectively and retrospectively in Finance Bill 2020 to put beyond doubt that LLPs should be treated as general partnerships under income tax rules. Money laundering levy The government intends to introduce a levy to be paid by firms subject to the Money Laundering Regulations to help fund new action to tackle money laundering. A consultation on the levy will be published later this spring. Stamp duty and stamp duty reserve tax — transfer of unlisted securities to connected companies The targeted market value rule is intended to prevent artificial reduction of the tax due on share acquisitions when listed shares are transferred to a connected company. The rule is being extended to unlisted shares. The measure will be in Finance Bill 2020. As part of this change, the government will amend legislation to prevent a double tax charge arising on certain company reorganisations.