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Third and fourth sittings
KEY POINTS
- Corporate interest restriction limits deductible expenses.
- Cost-sharing arrangements on research and development.
- Domicile measures end permanent non-dom status in the UK.
- Employment income disguised as loans will be subject to tax and National Insurance.
- First-year allowances for electric vehicle charging points.
The third sitting opened with a debate on clause 20 and Sch 5 ‘Corporate interest restriction’. This measure which takes effect from 1 April 2017 will limit the interest expense and other financing costs a corporate group can deduct against its taxable profits. Groups will be able to deduct £2m in net interest a year; above that deductions will be restricted to a proportion of the group’s UK earnings.
Mel Stride Financial Secretary to the Treasury explained that because interest is a deductible expense...
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