Finance Bill 2016 completed its legislative journey through parliament last month to become the Finance Act 2016. The Act contains some major changes to the UK tax regime including the new dividend tax rules, a higher rate of section 455 tax on loans to participators and reductions in the rate of corporation tax for the financial year 2017 and 2020.

In its final weeks before Royal Assent, an amendment to Finance Bill 2016 was agreed by parliament which gives Treasury the option to require public country by country reporting as part of a group’s published tax strategy.