The good news is that there is no news, or at least very little news. In his Autumn Statement on 23 November 2016, the Chancellor of the Exchequer Philip Hammond, announced a “steady as it goes approach” to business taxation. Whilst the headline announcements from the Autumn Statement include additional billions for economic infrastructure investments and a confirmation that there are no plans to introduce further welfare cuts over the life of the Parliament, there was little unexpected change from a tax perspective.
The Chancellor has reflected upon the worsening economic forecasts and the uncertainties that lie ahead, by limiting the changes to the tax system to provide business with a period of stability.
Over the summer there were a large number of tax consultations over a range of issues from interest deductibility, use of corporate losses, changes to the individual non UK domiciled regime and additional penalties for enablers of tax avoidance. In the main, these are going ahead although very little detail was released on 23 November 2016. We will have to wait until the draft Finance Bill clauses are released in early December.
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KPMG’s Commentary on the Draft Finance Bill 2017 provides an overview of the clauses.