Following the UK general election on 8 June 2017, at which Theresa May’s Conservative party won the largest number of seats but lost its overall majority, the Queen’s Speech setting out the now minority Conservative government’s legislative programme for the next two years was delivered on 21 June 2017 at the state opening of Parliament. As expected, some of the less popular Conservative manifesto pledges were omitted but 27 bills were still proposed (of which eight related to Brexit).

From the tax perspective, we consider that the following are of particular significance:

  • Customs Bill: the implementation of legislation to enable the UK to have standalone VAT and customs and excise regimes after Brexit. Some provisions are likely to depend on whether the UK will stay in the EU customs union.
  • National Insurance Contributions Bill: the implementation of legislation previously in the draft Finance Bill 2017 abolishing self-employed Class 2 NICs and reforming Class 4 NICs to include self-employed individuals. These provisions were only removed from FB 2017 when the snap election was called. It is considered very unlikely that the controversial proposed increase to NICs for self-employed individuals from 9% to 10% from 6 April 2018 and then to 11% from 6 April 2019 will be legislated for.
  • Finance Bill (or Bills): it is understood that one or more Finance Bills will include a range of measures including new tax avoidance provisions and other matters in relation to the EU and Brexit.
Further details in relation to the above can be found in the Queen’s Speech background briefing notes, which can be accessed here. We will provide further updates in due course.
Photo of Robert E. Gaut Robert E. Gaut

Robert Gaut is a tax partner and head of our UK tax practice in London.

Robert provides advice on a full range of UK and international tax issues relating to fund formation, private equity deals, finance transactions and private equity real estate matters…

Robert Gaut is a tax partner and head of our UK tax practice in London.

Robert provides advice on a full range of UK and international tax issues relating to fund formation, private equity deals, finance transactions and private equity real estate matters, including experience with non-traditional equity transactions, such as debt-like preferred equity and co-investments for private credit investors.

Robert is highly-regarded for his ability to provide sophisticated tax advice to many of the world’s preeminent multinational companies, sovereign wealth funds, investment banks and private equity and credit funds. Clients have commented to legal directories that Robert is “really technical and knows his stuff,” and “has a very strong knowledge of the various tax laws, but also presents more innovative techniques and strategies.”

He is consistently recognized by Chambers UK and The Legal 500 United Kingdom, and has been recognized by Chambers Global as a leading individual in tax. The Legal 500 comments that Robert has “vast experience in a range of matters, including corporate tax structuring, real estate tax and fund formation.”

Photo of Richard Miller Richard Miller

Richard Miller is a partner in the Tax Department and a member of the Private Funds, Private Equity Transactions and Mergers & Acquisitions Groups.

Richard provides advice on a full range of UK and international tax matters. His practice specifically focuses on all…

Richard Miller is a partner in the Tax Department and a member of the Private Funds, Private Equity Transactions and Mergers & Acquisitions Groups.

Richard provides advice on a full range of UK and international tax matters. His practice specifically focuses on all aspects of the private fund lifecycle.

Richard acts for private fund asset managers in structuring and raising investments funds, structuring carried interest and coinvestment arrangements, establishment and operation of fund management businesses, M&A and investment activity and finance transactions.

Richard also represents institutional investors in structuring and negotiation their private fund investment activity including primary and secondary investments and bespoke transactions.