Policy paper

Draft legislation: the Corporate Interest Restriction (Consequential Amendments) Regulations 2017

Proposed provisions for collective investment vehicles and securitisation companies under the Corporate Interest Restriction (CIR) Rules.


The Corporate Interest Restriction (Consequential Amendments) Regulations 2017

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The Corporate Interest Restriction (CIR) legislation was included in Schedule 10 of Finance Bill 2017 but has now been removed. There has been no policy change and the government has announced it will legislate for the provisions at the earliest opportunity in the next Parliament.

The CIR rules limit the tax relief that large multinational businesses can claim for interest and other financing expenses.

Regulations are needed to ensure the rules relating to collective investment vehicles and securitisation companies continue to operate as intended under the CIR rules. HM Revenue and Customs published draft regulations, together with a draft explanatory memorandum, for a period of consultation which closed on 18 April 2017.

A consultation on how the CIR rules should operate was opened in May 2016 and the government’s response to this was published in December 2016.

A tax information and impact note has been published for this measure. The final legislation was included in schedule 10 of the Finance (No. 2) Bill 2017.

You can find out more about the CIR rules by reading the draft guidance.

Published 21 February 2017
Last updated 10 May 2017 + show all updates
  1. Updated to explain that the corporate interest restriction schedule has been removed from the Finance Bill 2017.
  2. First published.