Autumn Budget 2017

The Chancellor delivered the 2017 Autumn Budget on 22 November 2017. Click here for a summary of the key announcements.

Following today's Budget the main private business / private client issues are outlined below:

The Budget measures evidence that the Government remain committed to supporting innovative business and aim to encourage investment into knowledge intensive companies.

Click here for summary of the key announcements for employers and employees.

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.

HMRC today announced an increase to assessment time limits for non-deliberate offshore tax non-compliance.

The 'Autumn Budget 2017: overview of tax legislation and rates (OOTLAR)' is available on the www.gov.uk website.The indirect tax announcements are:

Please find a detailed summary of the Chancellor's proposals on tax for the asset and wealth management industry in the attached bulletin.

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.

Rob Walker, PwC real estate tax leader, comments on the changes to stamp duty.

Jon Andrews, head of technology and investments at PwC, comments on the technology and skills investments announced by the Chancellor today as part of the government’s Industrial Strategy.

Dipan Shah, head of London private business at PwC, comments on the Budget’s implications for private businesses.

Peter Maybrey, financial services tax partner at PwC, comments on today's Budget in relation to financial services.

Iain McCluskey, tax partner at PwC, comments on the rise in tax free personal allowance to £11,850 (from £11,500) and the higher rate band to £46,350 (from £45,000).

John Hawksworth, chief economist at PwC, comments on the economic impact of the Budget.

Andrew Sentance, senior economic adviser at PwC, comments on the Budget implications for productivity.

Alex Henderson, tax partner at PwC, comments on anti-avoidance measures included in the Budget.

Rob Walker, real estate tax leader, comments on the overhaul in the taxation of UK commercial real estate.

Steven Taylor, director at PwC, comments on the impact of today's Budget announcement on pensions.

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.