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Counting down to the Autumn Statement

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23 October 2012
The Chancellor is due to make his Autumn Statement on 5 December, which is now less than two months away.  It may not be as exciting as the countdown to Christmas, but is still important because it is likely to impact us all.
 
As well as an update on the state of the UK economy we are expecting more news on various tax measures which have already been announced.
 
These include updates on various measures which are due to be introduced from April 2013, such as:
  • A statutory residency test and reform of ordinary residence
  • A General Anti-Avoidance Rule
  • Patent box
  • Above the line R&D credit for larger companies
  • Corporation tax reliefs for the creative sector
  • Simplification of employee share plans
  • Increase the IHT-exempt amount that a UK domiciled individual can transfer to their non UK domiciled spouse or civil partner
  • Cap on unlimited tax relief (excluding charitable donations)
  • Extension of the Capital Gains Tax regime to gains made on disposals of UK residential property by non-UK resident companies
  • A new simpler basis for calculating tax for small businesses

After the speech our website will be updated with the important information you need to know. In the meantime if you want to find out more about any of these proposed tax changes call Ruth Dooley on 01452 634800 or email ruth.dooley@hazlewoods.co.uk.