Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what estimate he has made of the contribution to the public purse of proposed changes to corporate interest restriction rules in each year from 2017-18 to 2021-22.

Corporate interest restriction rules

Three changes to the original corporate interest restriction (CIR) rules have been announced since the measure was introduced.

Technical amendments to ensure the regime works as intended were announced at Autumn Budget 2017. These amendments are not expected to have an Exchequer impact in each year from 2017-18 to 2021-22. Further information can be found in the tax impact and information note (TIIN): https://www.gov.uk/government/publications/corporation-tax-amendments-to-the-corporate-interest-restriction-rules/corporation-tax-amendments-to-the-corporate-interest-restriction-rules

Further technical amendments to ensure the regime works as intended were announced alongside the Finance Bill 2018-19. These amendments will not apply in 2017-18 and are not expected to have an Exchequer impact in each year from 2018-19 to 2021-22. Further information can be found in the TIIN: https://www.gov.uk/government/publications/corporation-tax-changes-to-the-corporate-interest-restriction-rules/corporation-tax-amendments-to-the-corporate-interest-restriction-rules

Technical amendments to a number of parts of the tax legislation, including the CIR rules, were also announced alongside Finance Bill 2018-19 in response to changes to the accounting treatment of leases. These amendments will not apply in 2017-18 and are expected to have a negligible impact on the Exchequer in each year from 2018-19 to 2021-22. Further information can be found in the TIIN: https://www.gov.uk/government/publications/income-tax-and-corporation-tax-response-to-accounting-changes-for-leasing/income-tax-and-corporation-tax-response-to-accounting-changes-for-leasing

Carried forward losses for insurance companies

Estimates approved by the Office for Budget Responsibility are not available.