UK publishes draft tax clauses for Finance Bill 2018-19

The UK government today published draft tax clauses and explanatory notes for Finance Bill 2018-19.

HMRC is publishing the draft clauses ahead of the provsions’ introduction into parliament to improve the tax policy-making process. A consultation will run on the draft clauses until August 31.

Among the draft provisions affecting multinational business are amendments to the hybrid mismatch rules relating to permanent establishments and regulatory capital; provisions conforming exit tax rules to the EU Anti-Tax Avoidance Directive; provisions altering the times limits for proceeding and assessing offshore matters; provisions on implementing the EU directive on tax dispute resolution mechanisms and similar international agreements; and provisions giving HM Treasury the power to issue regulations requiring disclosure of information about certain cross-border tax arrangements.