Autumn Statement 2016 – views from the market

Autumn Statement 2015 Newsletter Image V2 (1)

Following Philip Hammond’s first Autumn Statement on 23 November 2016, the Lexis®PSL Tax team sought the expert views of leading business tax practitioners, including members of the Lexis®PSL Tax Consulting Editorial Board, on the key announcements that were made.

Announcements highlighted include:

  • the loosening of the substantial shareholdings exemption, making the UK a more attractive place to locate a holding company or HQ
  • the removal of all tax reliefs for employee shareholder shares acquired on or after 1 December 2016, shutting down a regime that had failed to hit its target
  • the ‘geeky treat’ of a consultation on bringing UK source income of non-resident companies within the charge to corporation tax
  • mixed news for insurers, with the rise in Insurance Premium Tax but a promise of a tax regime for insurance linked securities, and
  • confirmation that the partial closure notice proposals are proceeding, although as yet without clarity on whether the rights will be for both HMRC and the taxpayer.

Download your copy of the report here.

Filed Under: Autumn Statement

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