Corporate weekly highlights—6 January 2017

Corporate weekly highlights—6 January 2017

Welcome to the weekly highlights from the Lexis®PSL Corporate team for the week ending 6 January 2017, which provide news updates and a comprehensive list of dates for your diary. This week’s edition features: analysis on the proposed reform of the substantial shareholding exemption (SSE) by the draft Finance Bill 2017 and analysis examining the recent government proposals to reform corporate governance and executive pay.

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Tax

Draft Finance Bill 2017—substantial shareholding exemption

In this analysis, Iain Kerr, director of M&A tax at KPMG UK, outlines the proposed reform of the substantial shareholding exemption (SSE) by the draft Finance Bill 2017.

The most significant change to the SSE relates to the proposed repeal of the requirements affecting the investing company (namely, that the company no longer needs to be a sole trading company or a member of a trading group). The reform will also remove the requirement that the company being invested in needs to be a trading company or the holding company of a trading sub-group immediately after the time of the disposal where the disposal is to an unconnected party. The changes to the SSE will apply to disposals made on or after 1 April 2017.

The author explains that, while some businesses may be disappointed by the scope of the reform and the lack of a comprehensive participation exemption, the changes will ultimately make the system simpler and easier to understand, as well as more internationally competitive.

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