Finance Bill 2017 published

Oct 20, 2017

Finance Bill 2017 was published yesterday reflecting measures announced in Budget 2018 along with a number of additional tax and anti-avoidance measures. The Bill, which runs to 78 sections, details some of the provisions announced on Budget Day such as the increase in the rate of stamp duty on non-residential property and also provides details of transitional arrangements where binding contracts were entered into prior to 11 October 2017.   A stamp duty refund scheme in relation to land purchased for the development of housing is promised at Committee Stage.  In a move to protect the position where family farms are transferred, consanguinity relief is being extended for another three years at a fixed rate of 1 percent and the 67 years age restriction for the relief has been removed.  The Bill also legislates for the taxation of mergers and divisions under Companies Act 2014 as well as interest deductions for structures containing holding companies.  For more detail on the Bill, check out Tax eNews on Monday coming.