On 4 August 2017, UK HM Revenue and Customs (HMRC) published a second draft guidance for public comments on pending corporate interest restriction rules.
An initial tranche of draft guidance was published on 31 March 2017. This second tranche of draft guidance amends and updates that initial tranche. In particular, it reflects the updated legislation published on 13 July 2017 and includes additional material.
Comments about this draft guidance should be emailed to the HMRC Corporate Interest Restriction team at: interest-restriction.mailbox@hmrc.gsi.gov.uk by 31 October 2017.
Furthermore, At Spring Budget 2017, the UK government confirmed that the UK will introduce a corporate interest restriction with effect from 1 April 2017.
The government has confirmed that the legislation will be included in a Finance Bill to be introduced after the summer recess. An amended draft of the legislation was published on 13 July 2017.
