Following Philip Hammond’s first Autumn Statement on 23 November 2016, the Lexis®PSL Tax team sought the expert views of leading business tax practitioners, including members of the Lexis®PSL Tax Consulting Editorial Board, on the key announcements that were made.
Announcements highlighted include:
- the loosening of the substantial shareholdings exemption, making the UK a more attractive place to locate a holding company or HQ
- the removal of all tax reliefs for employee shareholder shares acquired on or after 1 December 2016, shutting down a regime that had failed to hit its target
- the ‘geeky treat’ of a consultation on bringing UK source income of non-resident companies within the charge to corporation tax
- mixed news for insurers, with the rise in Insurance Premium Tax but a promise of a tax regime for insurance linked securities, and
- confirmation that the partial closure notice proposals are proceeding, although as yet without clarity on whether the rights will be for both HMRC and the taxpayer.