HMRC has published a revised version of draft Finance Bill legislation containing the rules to restrict the amount of interest expense that companies can deduct with effect from 1 April 2017.
Draft Finance Bill legislation introducing new rules to restrict the amount of interest and other financing amounts a company may deduct in computing its profits for corporation tax purposes was published on 5 December (cl 21 and Sch 7). The draft legislation contained the core rules, based on the OECD’s recommendations in BEPS Action 4:
Following consultation, and comments received on the first draft, the government has made certain detailed policy changes which are reflected in the latest draft. These changes include the following:
Comments on the draft legislation should be sent by 23 February.
The following changes will be made by secondary legislation and draft regulations will be published for comment:
HMRC has published a revised version of draft Finance Bill legislation containing the rules to restrict the amount of interest expense that companies can deduct with effect from 1 April 2017.
Draft Finance Bill legislation introducing new rules to restrict the amount of interest and other financing amounts a company may deduct in computing its profits for corporation tax purposes was published on 5 December (cl 21 and Sch 7). The draft legislation contained the core rules, based on the OECD’s recommendations in BEPS Action 4:
Following consultation, and comments received on the first draft, the government has made certain detailed policy changes which are reflected in the latest draft. These changes include the following:
Comments on the draft legislation should be sent by 23 February.
The following changes will be made by secondary legislation and draft regulations will be published for comment: