The first Autumn Budget was delivered this week amidst immense pressure to deliver something ‘spectacular’ and with some deeming it to be a ‘make or break’ Budget for the Chancellor. Some of the announcements were expected, a number of new measures announced were rather surprising.
The UK Budget 2015 introduced the Making Tax Digital (‘MTD’) initiative and outlined HMRC’s vision of transforming the UK tax system by executing it via a digitalised platform. Whilst intended to come into force in April 2018, there was widespread concern amongst business owners, professionals and governing bodies in respect of the pace and scale of changes being introduced.
The Treasury recently announced the introduction of a second Finance Bill for 2017 to legislate for provisions which were dropped in the earlier bill in light of the UK General Election. It has provided a list of provisions deemed to take effect from the beginning of the current tax year, allowing advisers to provide taxpayers with some measure of certainty.
An insight from the team at Animo Associates outlining the key benefits for international businesses of investing in Ireland, in light of the Brexit decision from June 2016. These include favourable tax, a growing economy and the fact that it is the only English speaking country in the Eurozone.
A new Revenue campaign was announced in the 2017 Budget which targets offshore income and assets which have been undeclared or under declared to Revenue. Taxpayers are being given a final opportunity to come forward before 30 April and make disclosures voluntarily, before new exchange of information rules vastly increase the data available to Revenue about taxpayers’ offshore interests.
The Chancellor, Philip Hammond delivered his first Budget to the House of Commons yesterday calling for a “stronger, fairer, more global Britain”. With the rise in National Insurance Contributions for the self-employed making headlines across Britain, Mr Hammond is facing a backlash over the announcement, with many claiming it clearly breaks the Tories 2015 manifesto pledge not to raise taxes.
The budget statement for 2017 delivered by Ireland’s Minister for Finance, Mr Michael Noonan, focused to maintain and strengthen Ireland’s financial services at a time of significant political and economic change, both nationally and internationally.
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UK Government Autumn Statement 23rd November 2017
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