On Friday September 8, 2017, The Finance (No.2) Bill 2017 was published. It contains the remainder of the provisions that were deferred from the Finance Bill 2017 after the snap election curtailed the ability to pass the bill in full. Most of the provisions have been published as anticipated.
The rules on corporate loss relief and interest deductibility take up the majority of the Bill. The disguised remuneration regulations have been confirmed as expected. Taxpayers effected by these regulations should be taking appropriate action now to confirm their tax position.
The provisions relating to the "non-dom" rules were introduced with effect from April 6, 2017 as originally intended. Find out how Duff & Phelps can help you navigate these changes and provide assistance in rebasing assets.
With this Finance Bill running to over 670 pages, there is concern about the time required to pass the bill with disruptions to the parliamentary calendar caused by the party conferences, the half term break, and attention committed to the issue of Brexit.