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Finance Bill 2018

Finance Bill 2018

The Bill is largely as expected following the Autumn Budget.

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In line with what we saw at the Autumn Budget, Chancellor Phillip Hammond has delivered what many had expected – a Finance Bill with few surprises. The measures in the Bill are largely as expected following the detail released on 22 November as part of the Budget. While the exact timetable for the passage of the Bill is still unknown, the Second Reading in the House of Commons is scheduled for 11 December, with the Bill then scheduled to be considered in a Committee of the Whole House on 18 and 19 December 2017.

While most of the Bill is as expected following previous announcements, some highlights include:

Partnership taxation – proposals to clarify tax treatment

Following representations received, HMRC have dropped a key measure. 

Amendments to the CIR rules

The Bill contains clauses to implement the amendments to the CIR rules announced at the Autumn Budget. 

CGT for companies

The Bill confirms the previous announcement that indexation allowance will not be allowed for RPI changes after December 2017 and the six year time limit for depreciatory transactions will be abolished, but with no need to consider depreciatory transactions before 31 March 1982.

RDEC

The Bill amends the rate of the Research and Development Expenditure Credit (RDEC) as announced at the Budget.

Offshore trusts:anti-avoidance

The main detail of the new rules is the same as previously published on 13 September 2017. The changes to the extent that there are any in the Finance Bill are ‘technical’ rather than a change of policy or intention.

SDLT for first time buyers

The details of the measure are in line with what was released at the Budget.

For further information please contact:

Sharon Baynham

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