On Wednesday 22 November, Phillip Hammond delivered his second Budget of the year, with only eight months between this Budget and the one delivered last March. In the lead up to these announcements, tax has been hitting the headlines, driven by political and economic events.
Budget announcements responded to political headlines by again increasing focus on tightening tax avoidance measures following the ‘Paradise Papers’ media controversy.
In response to the economic headlines, there have been the usual amendments to rates, reliefs and allowances that we have come to expect and in addition, notable amendments for businesses left over from the last Budget but about to be enacted include:
- Relaxation of the conditions for corporate exemption from tax on share gains
- Changes to the mechanics for allocating taxable profits amongst partners in LLPs and other partnerships
It’s a complex and ever-changing world that tax practitioners occupy, which is why Price Bailey is always here to share experiences and knowledge with you, whether as part of a routine tax advisory service or on an ad-hoc basis.
If you have any questions upon reading our 2017 Autumn Budget Summary, please get in touch.