Law firms doing business in the UK should be aware that the UK Government announced on July 13, 2017, that Finance (No.2) Bill 2017, which brings back measures deferred from Finance Act 2017, will be introduced into Parliament as soon as possible after the summer recess. The Bill will include all policies that were previously included in the pre-election Finance Bill but withdrawn due to the truncated timetable caused by the election.

The Government has published revised draft legislation on seven key areas that contain technical adjustments and additions to the provisions included in the pre-election Finance Bill:

— Corporate interest restrictions

— Corporation tax loss relief reform

— Substantial shareholding exemption reform

— Anti-hybrid rules

— The new "non-domicile" regime

— Inheritance Tax on overseas property representing UK residential property

— Employment income provided through third parties

The Government has also announced a relaxation of its 'Making Tax Digital' approach, provisions for which will be included in the Finance Bill. An overview of the updated provisions is an EY publication.

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