Budget 2017 – Corporate Taxes

Rate changes

There was nothing new announced here, only a reminder that the corporation tax rate is going down to 19% in April and to 17% in 2020 as promised, proving that “Britain is open for business” in Philip Hammond’s words.

R&D tax relief for companies

The chancellor announced that there will be measures to reduce the administrative burden of making R&D tax claims (unspecified as yet).

Substantial Shareholding Exemption (SSE)

Finance Bill 2017 will  introduce legislation to remove the investing company requirement from the SSE rules. This will increase the number of transactions qualifying for exemption on the sale of shares.

Capital loss turned into a trading loss

The conversion of capital losses to trading losses by using an election to appropriate property to trading stock  has been closed down from today.

Loss relief flexibility

The loss relief reforms announced in Budget 2016, which give more flexibility to the way a company can use its losses, will take effect from 1 April 2017.

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Jul 20

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