The June general election meant that a number of key tax measures were removed from the first 2017 Finance Bill. Finance (No. 2) Bill, published today, re-introduced these, including the reform of corporate tax loss relief restrictions on the corporate interest deductibility, changes to the Substantial Shareholdings Exemption (“SSE”) and bringing UK residential property within the scope of UK IHT for non-domiciliaries.
The provisions are largely as expected, subject to certain modifications mentioned below. A high level recap of the key provisions are below.
The Bill is expected to be enacted by the end of November or early December with the majority of the provisions being effective from April 2017.
