Autumn Budget 2018

A tax issue which is relevant on a worldwide scale ideally needs a worldwide solution; however, at present, as with other areas outside of tax, the worldwide stage seem more divided than ever on future plans for a digital services tax. We look at the current state of play for the overall OECD agreement and some of the key players (UK, EU and US) feeding into the discussions and what businesses should be doing to engage with these changes and prepare themselves.

The Chancellor delivered the 2018 Autumn Budget on 29 October 2018. A summary of the key announcements is set out in this article.

It was announced in the Budget on 29 October 2018 that relief for carried forward capital losses will be brought into line with relief for carried forward income losses from 1 April 2020.

When the Government announced its response to the Off-payroll working in the private sector consultation in the recent Budget, it came as little surprise that it opted to move forward with its “lead option”, ie the extension of the current public sector rules into the private sector.  However, having announced an April 2020 implementation date, the Government seems to have listened to the flood of representations calling for a sensible lead time for the changes.

The Government has announced its intention to make the terms of the UK’s short-term business visitor (STBV) annual payment scheme more generous following the recent consultation on STBVs from overseas branches.

Historically, transfers of shares between connected companies have been subject to stamp duty on the amount of consideration paid only. Unlike the Stamp Duty Land Tax rules for real property, there has been no market value override (i.e. the deemed payment of market value consideration) where the transferee is a company connected with the transferor. It was announced in yesterday’s Budget, that with immediate effect, instruments transferring listed securities to a connected company where stamp duty group relief is not available will be subject to a market value override.

The October 2018 budget announced changes to the SME (Small and Medium Sized Enterprise) R&D regime which could impact the value of the payable credit for some businesses.

Yesterday we were given a budget where the Government tried to convince us that austerity is really coming to an end - so did it work?

The Chancellor delivered the 2018 Budget on 29 October 2018. A summary of the key announcements for employers and employees is set out below.

The issue of employee share ownership has hit the headlines recently, driven by John McDonnell’s announcement at the Labour Party Conference in September of a plan to give workers more ownership of the companies they work for. Employee share ownership is widely held to enhance the bond between employee and employer, giving employees a real stake in the success of the business and having a knock on effect of increasing productivity.

Philip Hammond delivered the Autumn Budget this afternoon, highlighting a number of fiscal measures which will affect both business and personal finances. We have highlighted key issues affecting financial services businesses.

Today’s budget has included a number of changes to existing rules in respect of the administration of taxes. Some of these measures will be introduced in Finance (No2) Bill 2018 which is due to be published next week, whilst others will be delayed for a year or longer.

In today's digital world, has the Chancellor put enough measures in place to tax digital businesses? Stella Amiss, Tax Partner, discusses further.

The Government has unexpectedly announced sweeping changes to the UK capital allowances regime that go far beyond the recent recommendations made by the Office of Tax Simplification.

In last year’s Budget we saw significant announcements in relation to bringing non-residents in the charge to UK tax on all direct and certain indirect disposals of UK real estate from April 2019, and non-resident companies within the charge to UK corporation tax on property income from April 2020. In addition to some further developments in those areas, following consultation, there were a number of other new developments impacting on real estate, in particular in relation to capital allowances.

Philip Hammond delivered the Autumn Budget this afternoon, highlighting a number of fiscal measures which will affect both business and personal finances. We have highlighted key issues affecting financial services businesses.

Iain McCluskey, Personal Tax Partner at PwC discusses the Autumn Budget.

Mike Jakeman, PwC Senior Economist discusses the Chancellor's statement.

Julian Sansum, employment tax partner at PwC, comments on the latest Budget.

Alex Henderson, Partner, discusses the outcomes from today's Budget for private business including; off payroll working, the annual investment allowance and entrepreneurial relief.

Kevin Nicholson, head of tax at PwC, comments on Chancellor's Budget.