Animo Associates has prepared this bulletin for informational purposes only, and it is not intended to provide, and should not be relied on for, tax, legal, accounting or compliance advice. Professional advice should be obtained before engaging in any transaction and we will be pleased to provide such advice where appropriate.
As was widely anticipated, the Treasury recently announced the introduction of a second Finance Bill for 2017 to legislate for provisions which were dropped in the earlier bill in light of the UK General Election.
Helpfully, it has provided a list of provisions deemed to take effect from the beginning of the current tax year, allowing advisers to provide taxpayers with some measure of certainty.
The key provisions which will be effective from the beginning of the 2017-18 tax year as follows:
- Deemed domicile provisions;
- Mixed Funds – accounts cleansing;
- Carried forward of losses for corporation tax purposes;
- Corporate interest restriction rules;
- Employment income provided through third parties;
- Inheritance Tax – Structures holding UK residential property; and
- Substantial Shareholding Exemption
Although it is not entirely possible to go through the vast array of changes within this bulletin, we will be providing regular information notices with additional detail and analysis.