The second Finance Bill of 2017, known as Finance (No 2) Bill 2017, has now been published. As expected, this contains most of the provisions which were dropped from the first Finance Bill of 2017 due to the condensed parliamentary timetable once the June 2017 general election was called.
In particular Finance (No 2) Bill 2017 contains provisions relating to:
- corporation tax carried-forward loss restrictions*
- restrictions on corporate interest relief*
- amendments to the substantial shareholding exemption*
- extension of disguised remuneration rules to self-employed earners*
- amendments to the taxation of employment termination payments
- amendments to provisions relating to Venture Capital Schemes, EIS and SEIS
As expected, most of the provisions of Finance (No 2) Bill 2017 will come into effect from April 2017 to reflect the government's original intention. Given the upcoming parliamentary recess for the party conference season, it is expected that the review of the bill in committee will start in mid-October. This leaves a tight timetable if the government intends to achieve Royal Assent before the Autumn budget is announced.