May 22nd, 2017.

A slim Finance Act 2017 was passed on the 27th of April, after shedding some 600 pages of tax proposals, some of which were due to take effect at the beginning of April. Taxpayers who acted on the basis the new tax rules would apply may lose out.

In essence, what was the largest Finance Bill in UK history was cut from 762 pages to 148 pages so that the opposition parties would agree to it being passed in the wash-up before Parliament dissolved. While this strategy worked, as the Bill received Royal Assent and became the Finance Act 2017, it has left many taxpayers and advisers confused as to what happens to the tax reliefs and exemptions which found the bin. The message is for taxpayers to seek advice as the lost clauses covered pensions, property and trading allowances, cash basis for individual landlords, shareholdings exemptions, and IR35 in the public sector.

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