Taxand UK releases their analysis of the Autumn Statement 2016.
Highlights for business include:
- Autumn Statement to be abolished – there will be a Spring Budget next year and then an annual Autumn Budget
- Corporation tax rate confirmed as going down to 17 percent by 2020
- Loss relief restrictions to 50 percent of profits for larger groups from 2017 confirmed
- Interest deduction restriction of 30 percent of EBITDA from 2017 confirmed
- Consultation on bringing non-resident landlords into corporation tax
- Most salary sacrifice arrangements rendered ineffective
- Tax benefits of Employee Shareholder Status removed
Discover more: Autumn Statement 2016
The Chancellor has delivered his first Autumn Statement and has largely confirmed the direction of travel of his predecessor. The Business Tax Road Map remains the approach to be taken, and it has been announced that the new rules on interest relief restrictions and loss reliefs will be introduced as planned next April.