From the editor
So now we know. This Budget ‘produces a radical amount of tax revenue by mostly unradical means’ (Julian Feiner), with a hike in employers’ NICs generating the lion’s share of additional revenues. The Chancellor made some tweaks to her non-dom proposals, but had a tin ear on VAT on school fees and employee ownership trusts (where ‘the changes do not appear to take into account many of the comments made in response to the consultation’ (Pete Miller)). The private equity reforms are ‘a mixed bag’ (Laura Charkin). The changes to CGT are 'more measured and realistic' than had been feared (Peter Rayney), and it’s probably no surprise to see reductions made to the ‘BAD’ relief. However, it’s the restrictions to IHT reliefs which have alarmed many advisers and which may leave farmers and business owners asking ‘whether they have a viable business to pass on to their successors after settling the new IHT liabilities’ (Idina Glyn). There's 'more stick for HMRC' with the funding for 5,000 new compliance officers, but that will give ‘little comfort for those embroiled in complex enquiries where greater investment in technical leadership at HMRC is needed’ (Robert Waterson). For corporates, there are ‘a few carrots dangling on the horizon ... but also some dangling sticks’. The new Corporate Tax Roadmap is designed to reassure, but expect corporates ‘to adopt a watching brief’ (Mike Lane).
Paul Stainforth, editor
Our Budget coverage
The hope will be that the tax rises are a ‘one and done’, and that the Corporate Tax Roadmap can build confidence, writes Chris Sanger (EY).
A detailed report by Lexis®+ UK Tax, including practitioner insight.
Latest tax rates and allowances.
Additional analysis:
A tax hike with familiar terrain by Julian Feiner (DAC Beachcroft)
Tax on corporates: a few carrots - and some dangling sticks... by Mike Lane (Slaughter and May)
Private equity reforms: a mixed bag by Laura Charkin (Goodwin)
Non-doms: the end of an era by Sophie Dworetzsky (Charles Russell Speechlys)
Nothing too scary about CGT by Peter Rayney (Peter Rayney Tax Consulting)
Simplifying the taxation of offshore interest: paving the way for a fundamental shift? by Ray McCann (CIOT past president)
IHT: APR and BPR reform by Idina Glyn and Sabrina Sears (Mishcon de Reya)
EOTs: changes in Finance Bill by Pete Miller (Jerroms Miller)
Property taxes by Elizabeth Bradley (BCLP)
Pensions by Penny Cogher (Irwin Mitchell)
Impact for the energy and resources sector by Alan MacPherson (PwC)
Umbrella companies: sledgehammer to crack a nut? by Rebecca Seeley Harris (Re Legal Consulting)
Contentious tax: a mixed picture by Robert Waterson (Eversheds Sutherland)
An economic and political gamble by economist Duncan Weldon
