Royal Assent for UK's Finance Bill 2017 | KPMG | CA

Royal Assent for UK's Finance Bill 2017

Royal Assent for UK's Finance Bill 2017

The UK's Finance Bill 2017 received royal assent on April 27, 2017.

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Several anticipated corporate tax measures were removed from the final version of the bill-including measures regarding the corporate interest restriction regime, which were included in the draft finance bill and UK Spring Budget.

 

The more complex measures were removed with agreement of the government and the opposition, in order to get the bill passed quickly before the UK election in June, 2017.

 

Some of the significant corporate tax measures that are no longer included in the UK's Finance Bill 2017 include:

 

  • The new corporate interest restriction regime                                
  • Reforms to the corporation loss carryforward tax rules                    
  • Reforms to the substantial shareholding exemption

 

The finance bill also excludes the new deemed domicile rules for income tax, capital gains tax and inheritance tax.

 

For more information, contact your KPMG adviser.

 

Information is current to May 09, 2017. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500
 

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