New Finance Bill published
Before the summer recess, the government confirmed that a new Finance Bill would be introduced as soon as possible after the summer recess. The House of Commons returned to Westminster on 5 September 2017.
The new Finance Bill is expected to legislate for the majority of measures that were included in the pre-election Finance Bill but not included in the Act that was rushed through Parliament before the snap election. The Finance Bill was one of 22 Bills fast-tracked through Parliament to receive Royal Assent before the 2016-17 Parliamentary session was brought to a close on Thursday 27 April 2017.
It has also been confirmed that all policies originally announced to start from April 2017 will be effective from that date. On 6 September 2017, the Treasury published updated notes which give a brief description of each of the Finance Bill resolutions. This includes:
- the corporate interest restriction,
- changes to the corporation tax treatment of carried-forward losses,
- the money purchase annual allowance,
- changes to the deemed domicile rules and penalties for enablers of defeated tax avoidance schemes.
As has been previously announced, the introduction of Making Tax Digital (MTD) has been delayed.
In a written statement, Mel Stride, Financial Secretary to the Treasury has confirmed that The Finance Bill will be published on Friday 8 September. The explanatory notes on the Bill will be available from 12 September.