275/40R17 is 0.63" taller than 255/40R17, a +2.52% change in diameter, inside the 3% range most shops treat as a safe swap.
Ground clearance changes by 0.31" (half the diameter change), and the tire needs 0.31" more room above it.
275/40R17 is 0.79" wider. On the same wheel offset about half of that, 0.39", moves toward the suspension and half toward the fender.
Both fit a 17" wheel; the sidewall is 0.31" taller on 275/40R17.
Details: 255/40R17 in inches · 275/40R17 in inches · change sizes in the calculator