This Guidance Note provides a high-level overview of the changes to the United States tax system after tax reform legislation was signed into law on 22 December 2017.

The new Act, officially called, ‘An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018’, combines measures put forward by the House of Representatives and a competing bill proposed by the Senate.

The Act repeals many existing reliefs and deductions whilst lowering the marginal corporate tax rate and aligning the US tax system to other OECD members by introducing a participation exemption for foreign dividends.

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