Autumn Statement 2015: No more rabbits in the Chancellor’s hat

Autumn Statement 2015: No more rabbits in the hat

At previous fiscal events, the Chancellor was able to make his forecasts add up by announcing a £5 billion package of measures to tackle avoidance, evasion and imbalances in the tax system.

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Measures announced on avoidance, evasion and imbalances

Commenting on measures announced on avoidance, evasion and imbalances in today’s Autumn Statement and Spending Review, Chris Morgan, Tax Partner at KPMG in the UK, said:

“At previous fiscal events, the Chancellor was able to make his forecasts add up by announcing a £5 billion package of measures to tackle avoidance, evasion and imbalances in the tax system. Today, George Osborne has not been able to find a rabbit in his hat, more of a mouse of an announcement with only £1.2 billion in total to be collected for the period to 2020-21 across all the avoidance, evasion and tax planning measures.

“Put in context, the new apprenticeship levy is forecast to raise more than twice this in the first year alone.

“This indicates that previous actions have been successful in stopping avoidance, but a consequence of this though is that the Chancellor is now having to make real changes rather squeezing the usual suspects.”

 

ENDS

 

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