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Finance Bill 2018 progress

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On 18 and 19 December, a Committee of the whole House agreed the following without amendment:

·         Clause 33 and Sch 9 (bank levy);

·         Clauses 40, 41 and Sch 11 (stamp duty land tax); and

·         Clause 8 (exemption for armed forces’ accommodation allowances)

The remainder of the Bill will go to a public bill committee starting on 9 January 2018, to be concluded by 18 January.

The government has also tabled a group of amendments for the public bill committee (see http://bit.ly/2peLNoU). These concern:

·         Sch 5 (venture capital trusts: further amendments): amendment 1 restricts the amount of interest and other charges venture capital trusts can impose in relation to qualifying loan investments. It also excludes loans from being qualifying investments where the terms of the loan secure rights over the company or its assets. This amendment will take effect for loans made on or after royal assent, subject to HM Treasury making commencement regulations; and

·         Sch 10 (settlements: anti-avoidance etc): amendments 2–32 clarify that the new anti-avoidance provisions for payments and benefits made from offshore trusts apply to both capital and income benefits, ensure these provisions do not result in income tax charges on non-UK resident beneficiaries, and that no double charges arise.

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