UK Autumn Statement on a Page | KPMG | IM

UK Autumn Statement on a Page

UK Autumn Statement on a Page

In his Autumn Statement, delivered on 25 November 2015, George Osborne stated that the main focus was on security (both economic and national), and rebuilding Britain. As higher levels of tax revenue are expected over the next few years, coupled with lower interest payments, it has enabled a higher level of spending and a reduction in the cuts to tax credits, whilst retaining a budget surplus at the end of the forecast period. But from a tax perspective few major changes were announced.

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Key Contacts

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Autumn Statement 2015: Commentary

For detailed information on the tax measures in the Autumn Statement, you can read our commentary document (745 KB).

Key measures

  • Compliance and Large Business
  • SDLT surcharge on second homes
  • Apprenticeship Levy
  • Free Childcare Provision & Tax Free Childcare Support update
  • 30 day payment window for CGT on Residential Property
  • Related party rules, partnerships and transfers of intangible fixed assets 
  • SDLT seeding relief for tax-transparent property investment funds
  • Stamp duty and SDRT – deep in the money options
  • Loans to participators and trustees of charitable trusts
  • Taxation of asset managers’ performance awards
  • Tax evasion and compliance
  • Company distributions anti-avoidance.

 

For a quick overview, you may also be interested in our On a Page summary (248 KB).

UK Statement on a Page

Key Themes

  • Businesses – New anti-avoidance measures, enterprise zones, and small business rates relief extension
  • Employers – Apprenticeship Levy introduction, pension auto enrolment increase delay and digital tax accounts
  • Individuals – 30-day CGT payment window, higher stamp duty for additional properties and tighter thresholds on free childcare
  • Key rates – Upcoming changes to Corporation Tax, Personal allowance the 40% tax rate threshold and other key rates

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