Corporate weekly highlights—25 November 2016

Corporate weekly highlights—25 November 2016
Welcome to the weekly highlights from the Lexis®PSL Corporate team for the week ending 25 November 2016, which provide news updates and a comprehensive list of dates for your diary. This week’s edition features: corporate developments arising from the Autumn Statement 2016; the government’s proposals for corporate governance reforms; Institutional Shareholder Services Inc’s (ISS) 2017 benchmark proxy voting policy updates; the Investment Association’s (IA) newly published guidelines on viability statements; Companies House’s updated confirmation statement guidance; the Great Repeal Bill’s legislative challenges; the House of Commons Library briefing paper summarising the arguments over whether questions about triggering Article 50 under national constitutional arrangements are relevant to the Court of Justice of the EU (CJEU

); the EU draft directive overhauling insolvency law; and case analysis of a High Court decision considering the operation of ‘leaver provisions’ in a company’s articles of association.

Autumn statement

Autumn Statement 2016—Corporate

In the 2016 Autumn Statement released on 23 November 2016, the Chancellor announced that Corporation tax will be cut to 17% by 2020. The main rate of corporation tax has already been cut from 28% in 2010 to 20% and the Chancellor has committed to cutting it to 17% by 2020. This would make it the lowest in the G20 and the government believes it will benefit over one million businesses. The government also announced a £400m investment in growing innovative firms and rules that limit the tax deductions that large groups can claim for their UK interest expenses. These rules will limit deductions where a group has net interest expenses of more than £2m, net interest expenses exceed 30% of UK taxable earnings and the group’s net interest to earnings ratio in the UK exceeds that of the worldwide group. The government’s £400m investment will be invested through the British Business Bank to invest in innovative small businesses with potential for growth, to provide the finance that they need to expand. This aims to support up to £1bn

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