Finance Bill – to be finally introduced after summer recess
The Government has confirmed that a new Finance Bill will be introduced as soon as possible after the summer recess.
This will include all measures that were dropped from the Finance Bill that was rushed through before the General Election. These will be effective from April 2017 where that was the original intention.
Measures relating to non-domiciled individuals, the substantial shareholdings exemption, corporate loss relief rules, and others, were all left in limbo when the election was called, and some taxpayers were left facing considerable uncertainty. We will still have to wait a while for the measures finally to become law, but the Government’s intentions are at last now clear.