An update on recent progress on the Finance Bill.
With conference season over and the UK’s MPs back to Parliament, Finance (No.2) Bill 2017 has resumed its passage through the legislative process. The Committee of the Whole House met on Wednesday 11 October to consider Clause 5 on termination payments, Clause 15 on Business Investment Relief and Clause 25 on the Northern Ireland rate of corporation tax, and the Bill was reported with no further amendment. The remainder of the Bill will be examined in Public Bill Committee, which is due to start on 17 October.
As expected of this stage, there have already been some small Government amendments tabled amending the substantial shareholding exemption (SSE) rules for institutional investors. These amendments correct an unintended drafting error in the Bill as originally published, which resulted in certain trading investments by qualifying institutional investors failing to qualify for SSE.
The progress of the Bill can be tracked here, and we’ll be providing regular updates on the key stages in Tax Matters Digest in the coming weeks.
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