Autumn Statement 2015

Stephen Smith, Legal Director, CMS

The 2015 Autumn Statement is notable for the lack of significant tax measures.

The main tax announcements related to residential property (see our separate blog post).

A consultation on the company distribution rules will be published later this year.

The government will go ahead with changes to tax as income asset managers’ performance incentives unless the fund undertakes long term investment activity (see our earlier blog).

New anti-avoidance measures will be introduced relating to:

  • capital allowances and leasing, which will (i) prevent tax motivated sales of plant and machinery at an artificially low price, and (ii) treat as income any consideration received for agreeing to take over payments under a lease for which tax deductions can be claimed; and
  • preventing companies from obtaining amortisation relief on pre-2002 intangible fixed assets by transferring them to partnerships in which they have an interest.

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