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The Spring Budget is being delivered by the new Chancellor of the Exchequer, Phillip Hammond, on Wednesday 8 March 2017. We have a range of predictions about what he might (or might not) include in his first Budget, from our panel of experts.
Jeremy Cape (JC), partner, at Squire Patton Boggs
Adam Craggs (AC), partner, and Michelle Sloane (MS), senior associate, at RPC
Miranda Cass (MC), partner, and Samuel Rippon (SR), senior associate, at Bristows
Alex Thomas (AT), partner, and Julian Feiner (JF), senior associate, at Dentons
Jeremy Goodwin (JG), partner, at Eversheds
LexisPSL subscribers can access further analysis and insight on Spring Budget here. If you are not a subscriber, you can take a free trial here.
JC: The Chancellor has got to say something about Brexit, hasn’t he? ‘Unshackled by Europe we’re going to abolish VAT, start taxing foreign dividends again and re-introduce the concept of a UK group that cannot be parented by a non-UK company?’
He should say something about the plan to deal with the loss of the Parent-Subsidiary Directive 2003/123/EC and Interest and Royalties Directive 2003/49/EC but won’t. On the ‘carrot’ front, what might he announce that will encourage further investment into the UK? Perhaps it’s too early for a detailed reveal, but some measure to counterbalance the Brexit effect looks likely (although maybe this is something that will be saved up for the Autumn Budget).
There is speculation that the Chancellor will reduce, or announce a future reduction of, corporation tax to 15%. He won’t take any measure to reduce corporation tax beyond the 17% it is hard-wired to be at the end of this Parliament, but expect a repeated commitment to having the lowest rate of corporation tax in the G20 and ensuring corporations pay their ‘fair share’.
I expect there will be some measures taken to relieve the planned impact of increases in business rates. A
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