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Finance Bill progress

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Report stage and third reading of the second Finance Bill 2017 were completed on 31 October, with a further group of amendments agreed to Schedule 2 and Schedule 8. This marks the end of the House of Commons stages. The Bill now goes to the House of Lords, where no further amendments can be made.

The amendments agreed at report stage were:

  • Schedule 2 (Calculation of profits of trades and property businesses): amendments 12-16 correcting a technical defect in the schedule as originally drafted, to ensure that the amount of loan interest that unincorporated property businesses can deduct under the cash basis is not restricted where properties removed from the business are still held by the person carrying out the business at the end of the tax year; and
  • Schedule 8 (Deemed domicile: income tax and capital gains tax): amendment 17 correcting a minor defect in the definition of a qualifying individual for the purposes of the ‘cleansing of mixed funds’ rules in Part 4 of the Schedule.

See here.

Issue: 1375
Categories: News