The following Tax guidance note provides comprehensive and up to date legal information covering:
ARCHIVED: This Practice Note has been archived and is not maintained.
This Practice Note draws together analysis on the key milestones of the 2016-17 Budget and Finance Bill process.
For a detailed explanation of the annual Budget and Finance Bill process, including the procedural aspects of the passing of a Finance Act, see: Practice Note: The Budget and Finance Bill process.
The government published the second Finance Bill of 2017 on 8 September 2017, containing most of the provisions that were dropped from the previous Bill, alongside accompanying explanatory notes. For more on this, see News Analysis: Publication of second Finance Bill 2017.
On 13 July 2017, when the government confirmed its intention to legislate the withdrawn provisions, it released amended legislation in relation to the corporate interest restriction, hybrid mismatches, the substantial shareholdings exemption, loss reliefs and disguised remuneration. For information on the key differences between the legislation published on 20 March 2017 and that published on 13 July 2017, see News Analysis: Amended provisions for second Finance Bill of 2017.
The second Finance Bill 2017 received Royal Assent on 16 November 2017 and is now known as the Finance (No. 2) Act 2017 (as set out in clause 72).
For comprehensive information on the clauses of the Finance (No 2) Act 2017, see Practice Note: Finance
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