UK Chancellor of the Exchequer Philip Hammond on March 8, 2017, announced his first budget with respect to plans for the UK economy. The budget proposals will be reflected in Finance Bill 2017, which will be published on March 20, 2017, for enactment this summer.The budget includes no significant new announcements regarding the UK corporation tax. It reaffirms the new government’s commitment to previously announced measures, including cutting the UK corporate tax rate to 17%, changing the interest deductibility and loss relief rules, and simplifying the UK participation exemption (the substantial shareholdings exemption, or SSE). The budget also includes announcements of several reviews and consultations, giving rise to the potential for some legislative changes in the forthcoming 2017 Autumn Budget.
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