On 25 June 2020, the UK Government published Explanatory Notes and Tax Information and Impact Notes for government amendments and new clauses at the Report Stage of Finance Bill 2020. Several of the amendments and new clauses concern the impacts of the coronavirus (COVID-19). These are summarized as follows:
New Clause 19 and New Schedule 1: Taxation of coronavirus support payments
This clause and Schedule ensure that particular grants to help businesses, employers and individuals (includ…