UK: Finance (No. 2) Bill 2016 is published

UK: Finance (No. 2) Bill 2016 is published

The UK government today published Finance (No. 2) Bill 2016. The bill, once enacted, will implement tax changes announced last week at Budget 2016 as well as the Autumn Statement 2015 and Summer Budget 2015.

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Read text of the Finance Bill 2016 and explanatory notes on the UK government website.

According to today’s UK government release, the Finance Bill 2016 includes provisions to:

  • Reduce the corporation tax to 17% in 2020
  • Revise the oil and gas tax regime 
  • Counter tax avoidance by multinational enterprises by introducing new rules to address hybrid mismatch arrangements and determine that payments for the use of intellectual property based overseas are subject to tax
  • Provide that profits from the development of UK property are always subject to UK tax
  • Address value added tax (VAT) collection from overseas sellers and online marketplaces

Additional details will be provided in a future report.

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