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More from the Finance Bill debate

06 February 2018 / Richard Curtis
Issue: 4634 / Categories: Comment & Analysis
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Continuing the tax debate 

KEY POINTS

  • Legislation on partnership tax returns and liabilities is tightened up.
  • Research and development expenditure credit is to be increased from 11 % to 12%.
  • Clauses 20 and 21 will prevent companies claiming unfair tax relief on intellectual property.
  • Changes to hybrids and other mismatches.
  • The indexation allowance for corporate gains is frozen from January 2018.
  • Legislation on asset transfer to non-resident companies is amended.
  • First-year tax credits will be extended until 2023 and fixed at two-thirds of the corporation tax rate.

The third sitting of the Public Bill Committee’s debate on the Finance (No 2) Bill started with clause 18 ‘Partnerships’. Labour proposed an amendment to Sch 6  

which is introduced by clause 18. This would require the chancellor...

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