15.06.2017. UK government withdraws large parts of finance bill 2017

Company News

25 April 2017, as a result of Prime Minister Theresa May’s surprise call for a snap General Election on 8 June, the government significantly reduced the finance bill 2017. Among the clauses removed were all the provisions effecting changes to the taxation of non-UK domiciled individuals and non-UK resident trusts, as well as the controversial plans to increase probate fees.

The legislative changes to the taxation of non-UK domiciled individuals and non-UK resident trusts were intended to be retrospective so the provisions are expected to be re-tabled when a new government is formed after the General Election, with Royal Assent given later in the year.

A new government may take a different view of the legislation, but both main parties generally supported the new rules.