Global Tax Adviser, December 08, 2015. The United Kingdom's announcement that it is proposing a 60% penalty on arrangements that are successfully challenged under the General Anti-Abuse Rule (GAAR) was one of the highlights of the annual Autumn Statement and 2015 Spending Review that was released November 25, 2015.
Details of some of the measures included in the Autumn statement may be covered in more depth within the draft Finance Bill 2016 clauses, to be released on December 9, 2015.
Some of the more pertinent themes and proposals from the Autumn Statement are listed below:
The upcoming phased-in reduction of the corporate tax rate to 18% by 2020, and other key rates, remain unchanged.
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Information is current to December 08, 2015. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500