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Draft Finance Bill 2018/19

Draft Finance Bill 2018/19

Our insights on the key measures included in Draft Finance Bill 2018/19 are available on our dedicated site.

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Following publication of the Draft Finance Bill 2018/19 on Friday 6 July, we have considered the key measures included in the draft legislation and provided our insights on our dedicated Draft Finance Bill 2018/19 webpage. Key measures in the Draft Finance Bill 2018/19 include changes that will impact oil and gas businesses, extension of offshore time limits, leasing taxation, anti-avoidance measures, and changes for non-resident investors in UK property.

Our Draft Finance Bill 2018/19 website includes commentary on the following areas:

Changes for non-resident investors in UK property
New rules for gains on direct and indirect disposals of UK property by non-residents and changes to tax on rental income of non-resident companies.

International tax
On the whole Draft Finance Bill 2018/19 did not contain any big surprises for multinational businesses, with the majority of the measures either implementing previously announced policy changes, or making smaller scale changes.

Leasing
HMRC reveal the remaining detail of their tax response to IFRS16, including its interaction with CIR.

Oil & Gas: Transferable Tax History and decommissioning relief for PRT
Finance Bill 2018-19 includes two new measures which amend decommissioning tax relief for corporation tax and Petroleum Revenue Tax purposes.

Extension of time limits for offshore matters
Currently HMRC have four, six or 20 years (for mistake, careless or deliberate behaviour respectively) to assess tax that is due. Draft legislation issued on 6 July 2018 has extended the four and six year time limits such that HMRC will always be able to assess at least 12 years of back taxes for offshore non-compliance.

Anti-avoidance measures
Draft Finance Bill 2018/19 included several anti-avoidance measures – this article highlights two key points.

Other measures
Some other items of note from Draft Finance Bill 2018/19.

This issue of Tax Matters Digest also includes a more detailed look at the proposed changes to the Corporate Interest Restriction regime and the profit fragmentation rules.

For further information please contact:

Sharon Baynham
 

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