Finance Bill 2017 reduced

In view of the forthcoming election and the fact the draft Finance Bill contained some complex material, the Government has decided to reduce the Bill to its core elements allowing the more complex measures to be debated after the election.

The culling has seen the length of the bill reduced from 762 pages to around 140 pages. The most significant omission was the Making Tax Digital provisions. Proposed changes to the money purchase annual allowance and the dividend allowance have also been removed, as have proposed changes to how non UK domiciled individuals are to be taxed. Of relevance to companies is the fact that proposed changes to restrict tax relief on loan interest and relief for carried forward losses have also been removed.

The likelihood is that these measures will make a reappearance in the next Finance Bill, if the Conservatives win the election. However, expectation is a consequence of this action could be that the implementation date for Making Tax Digital will have to be delayed.