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LexisPSL subscribers can access all analysis and insight on the Spring Budget 2020. If you are not a subscriber, you can take a free trial here.
The Lexis®PSL Tax Consulting Editorial Board (CEB) and other leading tax practitioners provide us with their views on the Budget delivered by the Chancellor on 11 March 2020.
For a summary and analysis of the key business tax announcements in the Spring Budget 2020, see: Spring Budget 2020—Tax analysis and for key private client announcements, see: Spring Budget 2020—Private Client analysis.
Eloise Walker, Pinsent Masons LLP and CEB member—For a Budget meant to be bland as bland, there’s a lot tucked away in the 180 pages of OOTLAR.
The finance and funds sector has been especially badly hit in this Budget. The near death of entrepreneurs’ relief was expected. More worrying is the announced comprehensive review of the UK unregulated funds regime, aimed at private equity, debt, equity and property funds. It might look all welcoming at first glance (let’s make the UK a better place to have your asset-holding vehicles, they say), but the questions asked will raise red flags for the cynical—Question 9 (‘Do you consider that there is a case for the government to develop specific rules concerning the tax treatment of asset holding vehicles in alternative fund structures?’) sounds like the prelude to new legislation that will bring unregulated funds to heel. They’re going to have another look at the VAT treatment of fund manager fees too, which may not end well (though I hope they prove me wrong). Banks will be worried by the changes to the surcharge, on top of IR35 and the restriction on capital losses all going ahead as scheduled which are of particular concern to the finance sector.
Keith Gordon, Temple Tax Chambers and CEB member—These are strange times, even without mentioning the
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