The Budget Statement A considered opinion on the UK governments - - PowerPoint PPT Presentation

The Budget Statement

A considered opinion on the UK government’s spring 2017 budget and how it could affect you March 2017

Income Tax

• Dividend allowance reduction
• Date for reimbursing benefits in kind
• Reform of tax treatment of termination payments
• Tackling disguised remuneration avoidance schemes
• Life insurance policies - part surrenders/assignments
• Pensions
• Qualifying Recognised Overseas Pension Schemes (QROPS)
• Tax-efficient profit extraction

Income Tax - 2

• Abolition of employee shareholder status tax reliefs
• Personal portfolio bonds
• Business investment relief
• Employee expenses and benefits
• Enterprise management incentives

Business Tax

• Off payroll working in the public sector
• Offshore property developers
• Appropriations to trading stock
• Cash accounting
• Simplified cash basis for unincorporated businesses
• Making Tax Digital for business
• PAYE Settlement Agreements (PSA’s)
• Rent-a-room relief
• Partnership taxation
• Image rights

Corporation Tax

• Substantial shareholder exemption
• Loss relief reform
• Extension of high-end TV, animation and video games tax relief
• Non-resident companies chargeable to income tax

Non-doms and non-residents

• Born in UK with UK domicile of Origin
• Other long term non-doms
• Short term non-doms
• IHT situs of offshore companies holding UK residential property

VAT

• Penalty for ‘participating in VAT Fraud’
• ‘Split payments’ model
• Use and enjoyment for B to C mobile phone services
• Fraud in the provision of labour in the construction sector

ATED Rates for 2017/18

• £500,000 to £1 million

£3,500

• £1 million to £2 million

£7,050

• £2 million to £5 million

£23,550

• £5 million to £10 million

£54,950

• £10 million to £20 million

£110,100

• Over £20 million

£220,350

• Revaluation 1 April 2017

National Insurance

• Class 2 abolished from 5 April 2018
• Class 4 increased
• 2018/19

10%

• 2019/20

11%

• Class 2A
• Employment allowance

Other Taxes

• SDLT
• Landfill tax
• Insurance premium tax
• Air Passenger Duty

Business Rates

• Small Business Rate transitional relief
• Pubs with an RV under £100,000
• £300 million hardship fund

Tax Administration

• Promoters of tax avoidance schemes
• Penalties for enablers of tax avoidance
• Offshore evasion requirement to correct
• Partial closure notices
• The hidden economy
• Digital tax administration

Robert Maas

ROBERT MAAS TAX CONSULTANT & TAX EXPERT t: +44 (0)20 7309 3800 e: robert.maas@cbw.co.uk

Robert is a giant in the tax world. He is widely regarded as one of the leading tax practitioners in the UK and is a long-standing tax commentator. He has authored extensively on tax and is always a draw card speaker. The announcement that Robert had won the 2013 Lifetime Achievement Award was met with a standing ovation. Robert is well-loved and much respected – with good reason. Amongst other roles, Robert is a member of the Technical Committee of the ICAEW Tax Faculty.

Thomas Adcock

THOMAS ADCOCK TAX PARTNER t: +44 (0)20 7309 3856 e: thomas.adcock@cbw.co.uk

Thomas is a specialist in helping businesses to understand the tax implications

• f their actions. He works closely with entrepreneurs to manage their tax

liability when engaging in property deals, M&A, re-organisations, growth, international deals or when simply looking to improve their tax efficiency. He also works with ambitious and successful individuals who wish to build, spend or share their personal wealth tax efficiently.

Andy White

ANDY WHITE TAX PARTNER t: +44 (0)20 7309 3917 e: andy.white@cbw.co.uk

Advising clients on their strategic tax affairs is Andy’s specialist area. He combines his deep technical knowledge and creativity to deliver real taxation solutions that advance clients’ commercial and personal interests. With 30 years’ general practice experience, including advising on flotation's, MBOs and secondary buyouts, Andy makes an excellent advisor to most businesses experiencing rapid growth or considering strategic changes.

Carter Backer Winter LLP

66 Prescot Street London, E1 8NN t: +44 (0)20 7309 3800 f: +44 (0)20 7309 3801 e: info@cbw.co.uk