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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.