A much-shortened version of the Finance Bill 2017 received Royal Assent on 27 April 2017. A number of the provisions included in the (apparently longest ever) Finance Bill published on 20 March 2017 were removed on account of the calling of the snap General Election and the need to fast-track the Bill through Parliament before it was dissolved on 3 May.
The removed provisions would, according to a statement made before the election, be reintroduced at the earliest opportunity in the new Parliament. On 21 June 2017, as part of the Queen’s Speech, it was announced that a Finance (No.2) Bill 2017 will be published after the summer Parliamentary recess. It has now been confirmed that this year’s second Finance Bill will include these removed provisions, which include:
• corporation tax loss reform
• new rules on interest deductibility
• changes to the substantial shareholding exemption (SSE) regime