The UK Chancellor of the Exchequer today presented the annual Autumn Statement and the 2015 Spending Review to Parliament. As in recent past years, the Autumn Statement included tax-related announcements.
Among the items presented in the Autumn Statement are proposals for a 60% penalty on arrangements successfully challenged under the anti-abuse rule and reductions to the rate of corporation tax, proposed to phase down eventually to 18% effective from 2020.
The KPMG member firm in the UK has prepared a brief “on a page” outline of four key themes addressed in the Autumn Statement—businesses, employers, individuals, and tax rates. Read the November 2015 report prepared by KPMG in the UK.
Draft clauses for next year’s Finance Bill release (the next stage in the UK’s tax policy cycle) will be published on Wednesday 9 December 2015—two weeks after today’s Autumn Statement.
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