Market leading insight for tax experts
View online issue

Finance Bill progress

printer Mail

On 11 October, a committee of the whole House agreed three clauses of the second Finance Bill 2017 without amendment: clause 5 (termination payments etc.: amounts chargeable on employment income); clause 15 (business investment relief); and clause 25 (trading profits taxable at the Northern Ireland rate).

The Public Bill Committee (PBC) began debating clauses on Tuesday 17 October. It agreed clauses 1–4; clauses 6–14; clauses 16–19; and Schs 1–4. There is to be a further sitting on Thursday 19 October.

There have been two government amendments made to clause 28 (substantial shareholding exemption for institutional investors), which the PBC is yet to consider. These amendments correct a defect in the clause, removing an unintended restriction to ensure that the alternative definition of what constitutes a substantial shareholding for a company owned by qualifying institutional investors applies in relation to all of the exemptions available in TCGA 1992 Sch 7AC Part 1.


Issue: 1373
Categories: News