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Tax and the City briefing for May 2017

Speed read

Finance Act 2017 is rushed through but with the more interesting parts (corporate interest restriction, SSE and carry forward loss rules) reserved for the post-election Finance Bill. HMRC’s revised guidance on recoverability of VAT by holding companies is welcome in some respects but technical issues remain over HMRC’s treatment of VAT grouped holding companies. The ITC case reminds us of the basic principle of our VAT system – the supplier pays the tax and the customer pays the price. The Criminal Finances Act 2017 is enacted but the commencement date of the facilitation offences is yet to be determined by statutory instrument.

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