Autumn Statement 2015
The Chancellor’s Autumn Statement delivered in the House of Commons yesterday was heavy on public spending plans but very light on specific tax measures.
In the post statement releases, however, there are a mixture of new fiscal measures proposed, the most generally applicable of which are probably the following:
i) A consultation was launched at the Summer Budget into the future system of Pensions Tax Relief – suffice to say that responses are in, the government are considering those and a proposal will be published as part of Budget 2016. This could be very significant so watch this space.
ii) From 1 April 2016 purchases of “additional residential properties” (i.e. buy-to-let properties) will be subject to Stamp Duty Land Tax rates which are 3% higher than currently. There will be further consultation on the detail and there may be some exemptions.
iii) The government is concerned about the growth in salary sacrifice arrangements and is considering what it might do to counteract the current tax saving consequences.
iv) The government will be consulting on how it might revise Business Investment Relief rules for “non-doms” to encourage greater use of the relief and achieve greater investment in UK businesses.
Please click here for our full summary.
For more information or to discuss your tax affairs in general, please contact our Tax Partners, Steve Crompton or Chris Barrington on the details below:
Partner – Head of Tax
direct dial: 01942 292541
mobile: 07790 840394
direct dial: 01942 292505
mobile: 07730 436070