HomeIn Practice Blog2017/18 Provisions applying before the forthcoming Finance Bill

2017/18 Provisions applying before the forthcoming Finance Bill

By HM Treasury and HMRC

The second 2017 Finance Bill, which the Government has announced will be introduced in the autumn, will legislate for policies that have already been announced. This includes a number of provisions that have been announced as applying from the start of the 2017/18 tax year or other point before the introduction of the forthcoming Finance Bill. The Government has confirmed that these dates of application will be retained and that those affected by the provisions should continue to assume that they will apply as originally announced. To provide maximum certainty for taxpayers, the list below sets out all the provisions to which this applies.

Taxable benefits: time limit for making good

Pensions advice

Legal expenses etc.

Money purchase annual allowance

EIS and SEIS: the no prearranged exits requirement

VCTs: follow on funding

Social investment tax relief

Business investment relief

Calculation of profits of trades and property businesses

Trading and property allowances

Carried forward losses

Losses: counteraction of avoidance arrangements

Corporate interest restriction

Museum and gallery exhibitions

Grassroots sports

Profits from the exploitation of patents: cost-sharing arrangements

Hybrid and other mismatches

Elections in relation to assets appropriated to trading stock

Substantial shareholding exemption

Substantial shareholding exemption: institutional investors

Deemed domicile: income tax and capital gains tax

Deemed domicile: inheritance tax

Settlements and transfers of assets abroad: value of benefits

Exemption from attribution of carried interest gains

Inheritance tax on overseas property representing UK residential property

Employment income provided through third parties

Trading income provided through third parties

Disguised remuneration schemes: restriction of income tax relief

Disguised remuneration schemes: restriction of corporation tax relief

First-year allowance for expenditure on electric vehicle charging points

Disposals concerned with land in United Kingdom

Petroleum revenue tax: elections for oil fields to become non-taxable

Gaming duty: rates

Remote gaming duty: freeplay


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