Developments of interest are outlined.

• HMRC’s Small Business Forum has now been launched and is aimed at the small business (including the self-employed)
• The rate of corporation tax fell to 19 percent from 1 April 2017. Rates and allowances: Corporation Tax has been published
• The latest guidance on the General Anti-Abuse Rule is available together with earlier versions
• HMRC has published updated draft guidance on the hybrids and other mismatches rules following earlier consultation
• HMRC have published draft guidance on the new corporate interest restriction rules which were due to take effect from 1 April 2017. Further draft guidance will be issued by 31 May 2017, however the draft legislation to enact these changes was removed from Finance Act 2017
• HMRC have published a policy paper amending The Taxes (Base Erosion and Profit Shifting) (Country-by-Country Reporting) Regulations 2016
• The Double Taxation Treaty Passport scheme has been amended following earlier consultation. HMRC have now published the scheme’s new Terms and Conditions and Guidance, which commenced for loans entered into on or after 6 April 2017