The UK Finance (No 2) Bill 2017 was introduced into Parliament on 28 November 2017 and published on the government’s website on 1 December 2017. This Bill includes some of the changes announced in the autumn budget and sets the levels of tax rates and allowances for 2018/19.
Among the measures included in the Bill are the changes to the Enterprise Investment Scheme (EIS) and Venture Capital Trust (VCT) reliefs in relation to knowledge intensive companies; the changes to the research and development expenditure credit; changes in relation to intangible fixed assets transferred between related parties; the removal of the indexation allowance for chargeable gains; changes to legislation on hybrids and other mismatches; the measures in respect of first year tax credits for expenditure on energy saving and water efficient assets; and further measures to combat tax avoidance and evasion.
In relation to individuals the Finance (No 2 ) Bill 2017 includes the abolition of Stamp Duty Land Tax (SDLT) for first time buyers of properties up to GBP 300,000; and reduction of SDLT for the purchase of properties up to GBP 500,000.
The measures in the Bill may be subject to amendment before approval by Parliament.
