With the publication of three Finance Bills planned for 2017 it has been increasing difficult to follow what has been included in each Bill - even what each of the Bills are called!
The first Finance Bill of 2017 was published on 20 March 2017, however following the announcement of the snap General Election a significant number of clauses were removed from the Finance Bill. The truncated version of the Bill, received Royal Assent on 27 April 2017 and became
Finance Act 2017.
When the clauses were dropped, it was announced that they would be contained in a future Finance Bill as soon as practicable after the election. The dropped clauses have now been included in a second Finance Bill which was published on 8 September 2017. Details of the changes to the reinstated clauses that were announced in advance can be found in our recent news items,
here.
The 8 September Bill, like the first, is simply called ‘Finance Bill’ despite some sources are referring to it as the 'Finance Bill 2017-19' or the ‘Summer Finance Bill’. This legislation is now going through Parliament and, provided it receives Royal Assent by the end of 2017, it will become Finance (No. 2) Act 2017 and can viewed
here.
Not to confuse matters further, draft clauses for Finance (No. 2) Bill of the 2017-19 session were published today - which some government sources are referring to as the 'Winter Finance Bill'. The Finance (No.2) Bill will be introduced in full after the Autumn Budget, which is due to take place on 22 November 2017. Once it receives Royal Assent in the new year it will become Finance Act 2018.
The draft clauses published today are open for consultation until 25 October 2017 and contain provisions relating to:
- termination payments; removal of foreign service relief (here);
- pensions tax registration (here);
- bank levy; changes to scope and administration (here);
- offshore trusts: anti-avoidance (here);
- tackling disguised remuneration - avoidance schemes (here);
- income tax: debt traded on a multilateral trading facility (here);
- partnership taxation: proposals to clarify tax treatment (here); and
- landfill tax: disposals not made at landfill sites (here).
For further information on the Finance Bills or a particular clause, please contact your usual Moore adviser.