The Government recently published draft legislation to be included in the 2017 Finance Bill, together with explanatory notes, amounting in total to nearly 700 pages.
Most of the material relates to measures that were announced in principle in the March 2016 Budget, or in the Autumn Statement on 23 November 2016. In many cases, it reflects the results of consultation exercises.
The broad shape of the legislation is now determined. The Government is seeking views on whether the draft legislation achieves its objectives, and whether it throws up unexpected anomalies, but at this stage it is not open to representations that there should be major policy changes.
The published material deals with some 50 separate areas, as listed under the eight headings to the right. Included in the list are a small number of areas where the draft legislation was first issued on 23 November in conjunction with the Autumn Statement.
The legislation will take effect from a variety of dates, as indicated.
Further draft legislation will be published in in January 2017 covering:
- Making tax digital;
- Social Investment Tax Relief;
- clarification of tax treatment for partnerships;
- some outstanding matters on the tax deductibility of corporate interest expense, companies’ loss relief and the treatment of non-domiciled individuals, for which the main provisions were published yesterday.