Autumn Budget 2017
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• UK Tax Leader for Policy, Reputation, Media & Regulation
There were a number of changes announced today, the most significant of which apply to non-residents investing in UK real estate. In light of the proposal to bring all income and gains of non-residents in relation to UK property within the charge to UK corporation tax, the other proposals relating to UK corporation tax will affect UK and non-UK companies alike in the future.
In addition to the changes to the taxation of royalties the Chancellor mentioned in his Budget speech today, there were a number of other tax measures set out in the many documents that were published once he sat down that are of particular interest to multinational companies.
Autumn Budget 2017 included the welcome announcement that the government will not reintroduce the 1.5% SDRT charge on the issue of shares (and transfers integral to capital raising) into overseas clearance services and depositary receipt systems following the UK’s exit from the EU.
The Chancellor has announced that the government will publish a consultation as part of its response to Matthew Taylor’s review of modern working practices, considering options for reform to make the employment status tests for both employment rights and tax clearer.