Pre-publication clauses

Draft legislation and policy papers were published on 13 September 2017 for the following (all links to HMRC):

1. Bank Levy: changes to scope and administration
   Will exclude offshore activities from the charge

2. Draft legislation: tackling disguised remuneration - avoidance schemes
   Additional reporting requirements, including a new gateway

3. Income Tax: debt traded on a multilateral trading facility
   Remove obligation to withhold tax

4. Landfill Tax: disposals not made at landfill sites
   To ensure no tax benefit from illegal dumping

5. Offshore trusts: anti-avoidance
   To ensure that payments to UK resident individuals cannot escape tax by introducing an intervening recipient

6. Partnership taxation: proposals to clarify tax treatment
   Some changes to reporting requirements for tax, particularly where one partnership is a partner in another. Tax allocation must be in same end proportion as the accounting profit

7. Pensions Tax registration
   To permit HMRC to refuse to register and to de-register pension schemes that do not have authorisation form the Pensions Regulator. See Pensions: setting up your own SASS.

8. Termination payments: removal of foreign service relief
   No additional tax relief on termination payments as a result of having worked overseas

See our commentary and links our guides:

Finance Bills 2017 Tax Updates and Rolling Planner

External link

HMRC draft clauses for Finance Bill 2018