UK - Finance (No 2) Bill and Criminal Finances Act 2017
Published: 02 May 2017
The Finance (No 2) Bill 2016 - 17 completed its passage through the House of Commons on 25 April 2017, and is expected to be approved by the House of Lords and to receive Royal Assent before Parliament is dissolved on 3 May 2017.
The Bill is being fast-tracked in light of the UK general election called for 8 June 2017. The Government has withdrawn the majority of the Finance Bill provisions, as is usual, but has made no statement about whether (if the Government is re-elected) the measures dropped will be reintroduced on the original timetable.
The clauses and schedules dropped and retained are listed here. The Criminal Finances Bill (here) received Royal Assent on 27 April 2017 and will give enforcement agencies further capabilities to combat and tackle money laundering and tax evasion.
The Act creates a new criminal offence for corporate businesses which fail to prevent their staff and others acting for them facilitating tax evasion.