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Finance Bill cut significantly

The UK Government published a list of amendments it proposes to make to the Finance Bill on 24 April 2017 for debate in the House of Commons on 25 April 2017. The Bill passed through the House of Commons yesterday at short notice, giving rise to these amendments. 

Surprisingly, a number of significant proposals have been dropped from the Bill, including all of the new UK ‘non-domicile’ rules which would have come into force with effect from 6 April 2017.

It is expected that most if not all of the provisions dropped, including the new ‘non-domicile’ rules, will return in a new Bill following the general election, especially if the Conservative Party is returned to Government, as is widely predicted.

 

What is not yet certain is when these ‘returning’ provisions will come into effect; could this mean a delay for ‘non-domicile’ rules until April 2018 or potentially a retrospective effect from April 2017? Early indications are that there is a desire to keep the original implementation date; however it is possible there could be a different approach for the UK ‘non-domicile’ rules that has been used for some of the corporation tax measures which have been deferred.

We will keep you updated as this topic becomes clearer.

 

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