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In this Autumn Budget Philip Hammond’s key focus was the future; from investing in technology in both industry and schools, continued commitment to invest in driverless and electric vehicles and building houses to revive the home owning dream.

 In terms of tax changes these were fairly minor and speculations on cuts in pension tax relief and increases in tax rates proved unfounded.

Many consultations were announced in the Budget which highlight HMRC’s direction of travel and the changes which are likely to be forthcoming in the next year or so.  As expected in the current climate many of these consultations focus on cutting tax avoidance with measures to extend recent changes to off payroll working for the public sector, notably the BBC, to the private sector which may impact a number of individuals providing services through a personal company. Proposals also include increasing the time limit for HMRC to assess non-compliance on offshore matters to at least 12 years without needing to establish deliberate non-compliance and a proposed requirement for designers of some offshore structures to notify HMRC of the structures and who is using them.

In addition, consultations were announced on bringing non-residential UK property owned by a non-UK resident into the scope of capital gains tax and a review the taxation of trusts with a view to simplifying this.

Partnerships

Following a consultation, the government will legislate to clarify the current rules for partnerships and reduce the scope for non-compliant taxpayers ...

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Corporation Tax

From 1 January 2018, the government will increase the rate of the R&D expenditure credit from 11% to 12%, in order to...

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Tax avoidance

Following the conclusion of a recent consultation, the government has released details of what has been called the final part of the measures to tackle...

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Administration

Taxpayers will be unable to purchase Certificates of Tax Deposit after 22 November 2017.

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VAT

There was some speculation that VAT thresholds would reduce to be closer to the lower thresholds seen in Western Europe however...

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SDLT

Welcome news for first time buyers struggling to get on the housing ladder was Philip Hammond’s announcement that...

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READ THE FULL REPORT

In this Autumn Budget Philip Hammond’s key focus was the future; from investing in technology in both industry and schools, continued commitment to invest in driverless and electric vehicles and building houses to revive the home owning dream.

More