UK: Finance Bill update

UK: Finance Bill update

The Finance Bill on 15 October 2015 cleared the Public Bill Committee stage, ahead of the expected finish date of 20 October. Completion of the legislation through the House of Commons will take place 26 October 2015. The legislation will then proceed to the House of Lords. Royal Assent is expected before the Autumn Statement on 25 November 2015.

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Several government amendments were considered (and passed) as part of the Public Bill Committee stage, including:

  • Tax relief measures concerning loan relationships and derivative contracts (tax relief for companies in financial distress with respect to the release from and/or substantial modifications to loan relationships) 
  • Relief for finance costs related to residential property businesses (amendments clarifying that companies are outside the scope of these new rules, so that  non-resident landlords investing in UK residential property via a partnership will not be subject to these restrictions) 

 

Read an October 2015 report [PDF 798 KB] prepared by the KPMG member firm in the UK: Weekly Tax Matters (16 October 2015)

 

Other topics discussed in the KPMG report include:

  • Corporate tax concerning corporate debt provisions
  • HMRC update on information reporting requirements for 2016
  • Indirect tax concerning input tax recovery and credit notes
  • Online registering for “voluntary payrolling”

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