Finance Bill 2017 was published on 19 October. In addition to giving effect to measures announced in Budget 2018, the Bill also contains a number of new measures, mostly of a technical nature.
Of most interest to the SME sector is the detail provided in terms of how the new KEEP share option scheme will work in practice – we have considered the legislation in detail and summarised below the key requirements in terms of the type of company that can offer such tax efficient share options, the conditions to be met by the employee and the terms attaching to the options.
Unfortunately, the Finance Bill does not include further enhancements to or refinements of CGT Entrepreneur relief.
As anticipated, the Bill details transitional measures that will apply in respect of the new 6% stamp duty rate on commercial property where binding contracts to purchase the property were entered into before 11 October 2017 provided the instrument is executed before 1 January 2018.
We hope you will find our commentary on Finance Bill 2017 of interest and will keep you updated on developments as the Finance Bill passes through the Dail.