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.
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At Autumn Statement 2016, the government confirmed that CIR rules would be introduced in Finance Bill 2017 to take effect from 1 April 2017. They 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 has published draft regulations, together with a draft explanatory memorandum, for a period of consultation which will close 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.
You can find out more about the CIR rules by reading the draft guidance.
Any comments on these drafts should be made to Oli Jones.
Telephone: 03000 541970