Tax and the City briefing for March 2017

Spring Budget

As expected the final Spring Budget was light from a tax perspective thus helping taxpayers and advisers to get ready for the move to Autumn as the main fiscal event. The Budget mostly confirmed measures which are already in progress together with highlighting changes following consultation on the earlier draft legislation (albeit with little detail being provided in some areas). The good news is that in response to comments received a number of changes will be made to the corporate interest restriction to ensure the rules do not give rise to unintended consequences or impose unnecessary compliance burdens. In particular there was a somewhat vague statement about ensuring that certain debt guarantees do not result in interest being treated as related party interest for certain purposes. This...