Finance Bill 2017-18 was published on 1 December 2017, as well as Explanatory Notes.

• Clause 15: EIS, SI and VCT reliefs – relevant investments prevents specified transitional provisions in the Finance Act (FA) 2007 and FA 2012 having the effect of excluding certain investments from constituting a relevant investment. This clause will ensure that all risk finance investments, whenever made, are relevant investments for the purposes of the Enterprise Investment Scheme, the Social Investment Tax Relief scheme and Venture Capital Trusts. The provisions take effect for new investments made on or after 1 December 2017.
• Clause 19: Research and development expenditure credit amends Part 6A of the Corporation Tax Act (CTA) 2009 to increase the rate of the Research and Development Expenditure Credit (RDEC) from 11 % to 12%.
• Clause 35 and Schedule 10: Settlements: anti-avoidance etc introduce anti-avoidance provisions in relation to payments and benefits made from offshore trusts. They have effect from 6 April 2018.
• Clause 38: Online marketplaces deals with joint and several liability of operators of online marketplaces and the requirement on operators of online marketplaces to display valid VAT
  numbers.
• Clause 39: VAT refunds to public authorities amends section 33(3) of the Value Added Tax Act 1994 to extend refunds of VAT to a number of public bodies. These are the combined authorities, police and crime commissioners undertaking the function of the fire and rescue authority, the London Fire Commissioner, the Scottish Fire and Rescue Service and the Scottish Police Authority.

MPs will next consider the Bill at Second Reading on Monday 11 December 2017 and the Bill is then scheduled to be considered in Committee of the Whole House on Monday 18 and Tuesday 19 December 2017.