For those of you yet to come to terms with the Taxation (Income Tax Rate and Other Amendments) Act 2020 (No 65 of 2020) Bill introduced to Parliament on 1st December 2020, the age old saying of ‘you snooze, you lose’ rings true, considering the Bill passed under urgency and received Royal assent on the 7th December.
As I highlighted in AWIR last week (refer back if you want all the goss), the Act sees:
- A new top personal income tax rate of 39%
- Increased disclosure requirement for trusts
- Increased Minimum Family Tax Credit threshold for the 2020–21 tax year, and
- Clarification that Inland Revenue can request information solely for tax policy development purposes.