The draft legislation and explanatory notes are available for consultation until October 25, 2017, and will be confirmed in the Autumn budget on November 22, 2017. Only eight measures were published, including:
- A new interest-withholding tax-exemption for debt traded on a multilateral trading facility operated by a recognized stock exchange regulated in a European Economic Area territory
- Changes to the UK bank levy, which could impact groups that have non-UK entities or non-UK permanent establishments of UK entities
- Clarifications on how partnerships are taxed
- Changes affecting how some employee-termination payments are taxed
- Anti-avoidance provisions related to payments and benefits from offshore trusts.
For more information, contact your KPMG adviser.