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Tax | AS 2016: plan to review R&D tax reliefs

The government has announced plans to review the structure of UK research and development (R&D) tax reliefs to ensure that they match business requirements and encourage investment

23 Nov 2016

Tax | AS2016: clampdown on VAT avoidance and fraud

The government is to focus on the abuse of indirect tax, particuarly VAT fraud, as part of its ongoing fight against tax avoidance and evasion, Chancellor Philip Hammond confirmed in today’s Autumn Statement

23 Nov 2016

Tax | AS2016: employee shareholder status to be abolished

The government is to abolish the capital gains tax (CGT) exemption and the income tax and National Insurance contributions (NICs) relief linked to employee shareholder status (ESS) in response to evidence it is primarily being used for tax-planning purposes by high-earning individuals, the Chancellor announced in his Autumn Statement

23 Nov 2016

Tax | AS2016: Making Tax Digital consultation feedback planned for January

The government has confirmed that it will publish its response to the initial Making Tax Digital consultations in January 2017 with the first quarterly reporting period for unincorporated businesses and buy-to-let landlords set to kick in from 2018

23 Nov 2016

Tax | AS 2016: FinTech push with £500k investment

In his Autumn Statement Chancellor Philip Hammond announced that to support investment in UK fintech, the Department for International Trade (DIT) will provide £500,000 a year for financial technology (FinTech) specialists

23 Nov 2016

Tax | AS 2016: national living wage to increase

The national living wage (NLW) and the national minimum wage (NMW) will both increase from April 2017, Chancellor Philip Hammond announced in his Autumn Statement, and there is to be a new HMRC team tasked with improving compliance rates

23 Nov 2016

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Budget

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Tax | AS 2016: Plan to reduce red tape for oil and gas

The Autumn Statement has introduced additional support to reduce the administrative burden for the oil and gas industry associated with operating the petroleum revenue tax (PRT) regime, now that the tax is zero-rated

23 Nov 2016

Tax | AS 2016: personal tax allowance to rise to £12.5K

Chancellor Philip Hammond confirmed the government’s intention to deliver on its commitment to raising the personal tax allowance to £12,500, and the higher rate threshold to £50,000, by the end of this parliament

23 Nov 2016

Tax | AS2016: government presses ahead with changes to taxation of partnerships

The government is to legislate to clarify the tax position of partnerships, the Chancellor has confirmed in the Autumn Statement

23 Nov 2016

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Tax | AS2016: money purchase annual allowance for pensions cut to £4K

In the first signs of curbing abuse of the new pension reforms introduced in 2015, the Chancellor has announced plans to cut the money purchase annual allowance (MPAA) from £10,000 to £4,000 from April 2017

23 Nov 2016

Tax | AS2016: government confirms extra penalties for tax avoiders

The government is to introduce a new penalty for any person who has enabled another person or business to use a tax avoidance arrangement that is later defeated by HMRC

23 Nov 2016

Tax | AS2016: NICs threshold aligned for employers and employees

Chancellor Philip Hammond indicated the first stages in streamlining the National Insurance contributions (NICs) regime in his first and only Autumn Statement, by announcingd that from April 2017 the employee and employer thresholds will both be pegged at £157 per week

23 Nov 2016

Tax | AS 2016: capital allowance for electric vehicle charge points

The Autumn Statement included a boost for more environmentally friendly transport, with the announcement of £390m of funding for R&D work on low emission vehicles and the development of connected autonomous vehicles, plus a 100% first year capital allowance for the installation of electric vehicle charging infrastructure

23 Nov 2016

Tax | AS2016: ban on letting agent fees knocks landlords

In a further move to upset buy-to-let landlords, the government will ban letting agents’ fees to tenants, to improve competition in the private rental market and give renters greater clarity and control over what they will pay

23 Nov 2016

Tax | AS2016: Hammond commits government to lower corporation tax

Chancellor Philip Hammond has committed to honouring the previous Conservative government’s plans to lower the corporation tax rate

23 Nov 2016

Tax | AS2016: salary sacrifice clampdown from April 2017

Chancellor Philip Hammond has confirmed plans to clamp down on the tax advantages of salary sacrifice and benefit in kind schemes, but there is to be an exemption provided for low emission vehicles which was not included as part of the original consultation proposals

23 Nov 2016