UK and International Tax news
Finance (No.2) Act 2017 Enacted
Thursday 23rd November 2017
The Finance (No.2) Bill 2017 received Royal Assent on 16 November 2017.
This latest Finance Act contains over 650 pages, 72 clauses and 18 schedules which, when added to the first Finance Act 2017 results in more than 800 pages of Finance Act enacted in 2017, beating the previous record of 687 pages in 2012 by a large margin.
The measures in the Act include, in particular,
- new rules on corporate loss relief and corporate interest restrictions,
- changes to the substantial shareholding exemption,
- amendments to anti-hybrid rules,
- cost-sharing rules for the patent box regime,
- new ‘non-dom’ rules,
- technical changes to certain aspects of tax-advantaged venture capital schemes including SEIS, EIS and VCT,
- amendments to social investment tax relief,
- extension of business investment relief,
- changes to termination payments,
- avoidance rules in relation to appropriations to trading stock,
- provisions in respect of ‘making tax digital’
- the new ‘requirement to correct’ in respect of undisclosed offshore tax non-compliance, and
- penalties for enablers of defeated tax avoidance schemes.
For further information on the second 2017 Finance Act, please contact Keith Rushen on 0207 486 2378.
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