Finance (No.2) Act 2017

Finance (No. 2) Act 2017
Full text of the Act as enacted on 16 November 2017.

Explanatory notes
Budget Resolutions and explanatory notes.

The Bill
Text of the Bill as published on 8 September 2017.

Finance Bill: September 2017
Collection of supporting documents and information for the Bill.

Finance Bill 2017-19
Timeline tracking the Bill's progress through Parliament.

The Tax Faculty has news and commentary on Finance Bill 2017-19. This includes:

• Making Tax Digital
  Notes on the secondary legislation supporting the MTD provisions in the new Finance Bill.
• Autumn Finance Bill 2017 now available
  Update on the publication of the Bill and its provisions. 
• Finance Act 2017 and non-UK domiciliaries
  Tax blog from 18 July on the the progress of the 2017 Finance Bills and the tax changes affecting non-UK domiciliaries.

Prior to the publication of the Bill firms produced analyses of the draft clauses, including:

• Draft Finance Bill 2017
  Published by BDO in December 2016. Examines the draft legislation with special analysis of corporate and business taxes, personal taxes, employment taxes, indirect taxes and anti-avoidance.
• Finance Bill clauses and other documents
  Published by EY in December 2016. Provides a brief overview of the key points in the draft legislation.
• Non-UK domiciliaries: The draft Finance Bill 2017 reforms
  Published by Grant Thornton in December 2016. Covers the tax changes for non-doms first announced in the Summer 2015 Budget.
• Finance Bill 2017
  Portal maintained by KPMG, collecting news and commentary on the legislation. Includes analysis for businesses, individuals and employers, as well as earlier commentaty on the Draft Finance Bill and Spring Budget 2017.

The ICAEW Library & Information Service holds reference copies of the British Tax Review journal, which publishes special editions containing in-depth notes on each Finance Act. Issue number 5, 2017, covers the following sections/schedules of the Finance (No.2) Act 2017:

• Section 9: life insurance policies: recalculating gains on part surrenders etc
• Section 11: EIS and SEIS: the no pre-arranged exits requirement;
• Sections 12–13 VCTs: follow-on; exchange of non-qualifying shares and securities
• Section 15: business investment relief
• Sections 16–17 and Schedules 2 and 3: trading and property businesses
• Sections 18–19 and Schedule 4: carried-forward losses; counteraction of avoidance arrangements
• Section 20 and Schedule 5: corporate interest restriction
• Section 24: hybrid and other mismatches
• Section 26: elections in relation to assets appropriated to trading stock
• Sections 27–28: substantial shareholding exemption
• Sections 29–30 and Schedule 8: deemed domicile: income tax, capital gains tax, inheritance tax;
• Section 31 and Schedule 9: settlements and transfer of assets abroad: value of benefits
• Section 32: exemption from attribution of carried interest gains
• Section 33 and Schedule 10: inheritance tax on overseas property representing UK residential property
• Sections 34–37 and Schedules 11 and 12: disguised remuneration
• Sections 48–59: fulfilment businesses
• Sections 60–62 and Schedule 14: digital reporting and record-keeping
• Section 63 and Schedule 15: partial closure notices
• Section 65 and Schedule 16: penalties for enablers of defeated tax avoidance
• Section 67 and Schedule 18: requirement to correct certain offshore tax non-compliance
• Section 68: penalty for transactions connected with VAT fraud etc

Please see our document supply service page for information on how to request copies of journal articles (subject to copyright licensing restrictions).

Find more articles and books

• View a list of articles and books in our collection on the Finance (No.2) Act 2017

To find out how you can borrow books from the Library please see our guide to borrowing books.

You can obtain copies of articles or extracts of books and reports through our document supply service.

The Library holds an extensive collection of Finance Acts (from the 19th century onwards), Finance Bills (from 1951 onwards), debates on the Finance Bill as recorded in Hansard, and Standing Committee Debates on the Finance Bills. Alongside this you can also find many publications from the ICAEW and other bodies on the Finance Bills and Acts.

For full details of our holdings in this area, see our guide to Finance Acts and Bills in the Library collection.

We also maintain an online archive of links and resources for Finance Acts 1980–1995 and for Finance Acts 1996–.