UK: Tax proposals in 2016 budget; BEPS implementation | KPMG | GLOBAL

UK: Tax proposals in 2016 budget; timetable for BEPS implementation

UK: Tax proposals in 2016 budget; BEPS implementation

The Chancellor of the Exchequer today presented the 2016 Budget—one that announces a reduction in the main rate of corporation tax to 17% in 2020. The budget also reflects a series of tax revenue-raising measures.


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Among key features of the 2016 budget are the following:

  • Corporation tax reduction
  • Reductions in tax rates for oil and gas industry
  • Changes to stamp duty land tax (SDLT) regime
  • Reduction in capital gains tax
  • Introduction of lifetime individual savings accounts (ISAs)

BEPS timetable

Also, the “business tax roadmap” as promised last year, was published today and contains an outline and timetable of changes to business taxation due to be introduced during this Parliament. This includes plans for tax simplification, and for the UK implementation of the OECD base erosion and profit shifting (BEPS) proposals. 


Read more about the 2016 budget on the dedicated budget webpage of the KPMG member firm in the UK.

Read a one-page report summarizing the budget proposals, as prepared by the KPMG member firm in the UK.

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