On 13 July 2017, the Government published draft Finance Bill (No. 2) 2017. The Bill legislates for all the policies which were dropped from the first Finance Act 2017 due to limited Parliamentary time being available following the announcement that there was to be a general election in June. This includes policies relating to:

• corporate loss relief

• corporate interest restrictions

• the substantial shareholding exemption, and

• deemed domicile rules.

Measures previously scheduled to take effect from a date which preceded the introduction of the second Finance Act 2017 will apply retrospectively from those earlier dates. The non-domicile rules and loss relief reform will take effect from April 2017.

Making Tax Digital has been deferred until 2019, in respect of VAT for certain businesses, and for other taxes until at least 2020.

The Government plans to lay the Bill before Parliament as soon as possible after the summer recess. Details of the draft legislation can be found here