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The Return of the Missing Finance Bill Clauses (Well, soon!)

By Sharon Cooke

In amongst all of the “Making Tax Digital” news on 13 July we eventually had HM Treasury confirmation of their Finance Bill intentions.

It is well known that the original, post Spring Budget, Finance Bill of 2017 was substantially cut down when Theresa May called the snap election. The thinned down version which went on to become Finance Act 2017 can be viewed here.

The above Bill was enacted on 27 April, and until 13 July we had been left in the dark about those “chopped out” measures; including Making Tax Digital itself, but also many important clauses, including the new deemed domicile status for inheritance tax, income tax and CGT, the new corporation tax loss relief provisions and the revised substantial shareholdings exemption (to name just a few). Even where we expected the measures to return at a later date, the validity of the original April 2017 start dates was uncertain.

This has inevitably left many advisors in an unpleasant position of having to tell clients that they simply don’t know whether a disposal will qualify for substantial shareholdings exemption, whether a pension contribution will attract tax relief, whether an estate will be subject to UK inheritance tax, and so on.

In amongst the 13 July announcement was, however, confirmation that these missing clauses will be reintroduced in another Finance Bill, to be published as soon as possible after the summer recess (on or after 5 September 2017). The announcement confirmed that all policies originally announced to start from April 2017 will be effective from that date.

So, we still have a number of weeks before we see the Bill, but we now have a greater idea of content and start date. The clauses will be discussed in the following tax update courses:

Update Finance Bill/Act and Topical Issues (Regional, London and Webinar)

General Tax Update Quarter 3 (London and Webinar)

Finance Act – Key Points (London) 

July 2017 

 

Disclaimer
This article is published with the understanding that SWAT UK Limited is not engaged in rendering legal or professional services. The material contained in this article neither purports, nor is intended to be, advice on any particular matter. This article is an aid and cannot be expected to replace professional judgment. SWAT UK accepts no responsibility or liability to any person in respect of anything done or omitted to be done by any such person in reliance, whether sole or partial, upon the whole or any part of the contents of this article.