The second Finance Bill for 2008, which implements the Budget announcements together with further measures not announced in the Budget, was published on 20 November 2008.

Commentary on specific provisions which impact Chartered Accountants in their work is available in Section 2.01.

In addition, ICAI under the umbrella body CCAB-I has made a submission to the Minister for Finance on its stand on the new penalty regime. In summary, it is the view of the ICAI that the provisions should be subject to a commencement order to facilitate sufficient consultation prior to implementation. The submission is reproduced in Section 2.02.

Revenue Information/Guidance Notes on provisions in the Finance Bill are reproduced in Section 2.04. The Guidance on the R&D changes highlights the reduction in the claim period from 4 years to 1 year. eBrief 63/2008 advises practitioners and other interested parties of the option available to them to lodge protective claims to repayment on or before 31 December 2008, in respect of R&D expenditure incurred in periods ending on or before 31 December 2007.