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This afternoon’s Budget highlighted a number of fiscal measures which will affect both businesses and individuals and we have highlighted key issues affecting the Financial Services industry below. Given the potentially wide range of changes, please do let me know if you would like a meeting or call to discuss any of the topics or consultations below further.

Corporation Tax: maintain at 19%

As expected the government announced that the enacted corporation tax cut from 19% to 17% will no longer take place.

Reporting of Uncertain Tax positions

From April 2021 large businesses will be required to notify HMRC when they take a tax position which HMRC is likely to challenge. This policy will draw on International Accounting Standards which many large businesses already follow.