uk-budget-summary

UK Chancellor Philip Hammond announced the Autumn Budget on 23 November 2017

6 Key points

London member firm Alliotts referred to the Chancellor’s second budget of the year as ‘A Budget for Building the New Economy’ and drew attention to the Government’s commitment to further investment in technology, incentives for knowledge-based companies and funding for the development of construction skills to plug the skills shortage.

Midlands UK member Smith Cooper acknowledged the introduction of new measures that are purported to ensure a low-tax, fair economy for both working individuals and businesses.

  1. The R&D expenditure credit will increase from 11% to 12% for larger companies.
  2. All gains on non-resident disposals of UK property will be brought within the scope of UK tax.
  3. From April 2020, income that non-resident companies receive from UK property will be chargeable to corporation tax rather than income tax.
  4. From April 2019, withholding tax obligations will be extended to royalty payments, and payments for certain other rights, made to low or no tax jurisdictions in connection with sales to UK customers.
  5. Further steps taken to tackle tax evasion, avoidance and compliance are forecast to raise £4.8 billion between now and 2022-23
  6. Stamp duty will be abolished for first-time buyers on property with a valuation of up to £300,000.

Need tax advice in the UK?

  • We are lucky to have two very strong accounting firm associates in the UK who are ready to support international clients requiring tax advice across the country.
  • Please contact Alliott Group UK members David Gibbs at Alliotts or Jackie Hendley at Smith Cooper.

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