Autumn Statement: what to expect

Pat Dugdale

The Chancellor will deliver his Autumn Statement later today. The tax team at Olswang will be blogging on key tax developments together with their future colleagues from CMS and Nabarro (our three firms will combine from 1 May 2017).

The announcements may include:

  • possible mitigation of George Osborne’s SDLT and interest relief measures targeting buy-to-let landlords;
  • possible changes to entrepreneurs’ relief;
  • an update on the proposed restrictions to interest deductibility for companies (expected to take effect on 1 April 2017);
  • reform of corporation tax losses: further details on proposals to restrict carry forward losses but extend group relief provisions;
  • reform of the substantial shareholdings exemption, potentially bringing it closer in line with other participation exemption regimes;
  • transfer pricing: introduction of secondary adjustments deeming excess payments to be loans at interest;
  • employment termination payments: changes to treatment of PILONs and wider application of NICs; and
  • salary sacrifice restrictions.

Most of these have been the subject of published consultation documents and we expect announcements firming up on the detail of proposals. The Autumn Statement may also contain surprises reflecting the priorities of the new Prime Minister and Chancellor  and expected changes to the economy in the wake of the Brexit vote.

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