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AB & CR: With uncertainty as to what the economic and political landscape will look like in the aftermath of any Brexit settlement, the Autumn Budget 2017 is an opportunity for the government to provide a renewed commitment to measures that will ensure economic growth for individuals and support, and encourage businesses in the UK. In most years, this would ordinarily be enough of a challenge, but in the current environment, the Chancellor will perhaps feel the pressure of balancing various fiscal measures more acutely.
An obvious candidate for the Chancellor’s announcements would be the abandonment of the previously announced further reduction in the corporation tax rate to 17% in 2020. Such a reversal of a high-visibility commitment to lower headline corporation tax rates would be difficult for the Chancellor to make from a political context. Any additional revenue generated from such a reversal is unlikely to justify the negative political consequences.
It is possible that additional or increased investment incentives may be announced, particularly in sectors where the government anticipates the adverse consequences of Brexit may be felt most keenly and to add further length to what is already the world’s longest tax code, a new Brexit investment allowance would not be a complete surprise. However, we anticipate the government will be cautious in providing any such ‘giveaways’, particularly at a time when Brexit negotiations are so finely balanced. Bringing forward previously announced changes to the basis
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