The Budget Statement. A considered opinion on the UK government s spring 2017 budget and how it could affect you. March 2017

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Letitia Stevens
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1 The Budget Statement A considered opinion on the UK government s spring 2017 budget and how it could affect you March 2017

2 Income Tax Dividend allowance reduction Date for reimbursing benefits in kind Reform of tax treatment of termination payments Tackling disguised remuneration avoidance schemes Life insurance policies - part surrenders/assignments Pensions Qualifying Recognised Overseas Pension Schemes (QROPS) Tax-efficient profit extraction

3 Income Tax - 2 Abolition of employee shareholder status tax reliefs Personal portfolio bonds Business investment relief Employee expenses and benefits Enterprise management incentives

4 Business Tax Off payroll working in the public sector Offshore property developers Appropriations to trading stock Cash accounting Simplified cash basis for unincorporated businesses Making Tax Digital for business PAYE Settlement Agreements (PSA s) Rent-a-room relief Partnership taxation Image rights

5 Corporation Tax Substantial shareholder exemption Loss relief reform Extension of high-end TV, animation and video games tax relief Non-resident companies chargeable to income tax

6 Non-doms and non-residents Born in UK with UK domicile of Origin Other long term non-doms Short term non-doms IHT situs of offshore companies holding UK residential property

7 VAT Penalty for participating in VAT Fraud Split payments model Use and enjoyment for B to C mobile phone services Fraud in the provision of labour in the construction sector

8 ATED Rates for 2017/18 500,000 to 1 million 3,500 1 million to 2 million 7,050 2 million to 5 million 23,550 5 million to 10 million 54, million to 20 million 110,100 Over 20 million 220,350 Revaluation 1 April 2017

9 National Insurance Class 2 abolished from 5 April 2018 Class 4 increased /19 10% /20 11% Class 2A Employment allowance

10 Other Taxes SDLT Landfill tax Insurance premium tax Air Passenger Duty

11 Business Rates Small Business Rate transitional relief Pubs with an RV under 100, million hardship fund

12 Tax Administration Promoters of tax avoidance schemes Penalties for enablers of tax avoidance Offshore evasion requirement to correct Partial closure notices The hidden economy Digital tax administration

13 Robert Maas ROBERT MAAS TAX CONSULTANT & TAX EXPERT t: +44 (0) e: Robert is a giant in the tax world. He is widely regarded as one of the leading tax practitioners in the UK and is a long-standing tax commentator. He has authored extensively on tax and is always a draw card speaker. The announcement that Robert had won the 2013 Lifetime Achievement Award was met with a standing ovation. Robert is well-loved and much respected with good reason. Amongst other roles, Robert is a member of the Technical Committee of the ICAEW Tax Faculty.

Thomas Adcock THOMAS ADCOCK TAX PARTNER t: +44 (0)20 7309 3856 e: thomas.adcock@cbw.co.uk Thomas is a specialist in helping businesses to understand the tax implications of their actions.

14 Thomas Adcock THOMAS ADCOCK TAX PARTNER t: +44 (0) e: Thomas is a specialist in helping businesses to understand the tax implications of their actions. He works closely with entrepreneurs to manage their tax liability when engaging in property deals, M&A, re-organisations, growth, international deals or when simply looking to improve their tax efficiency. He also works with ambitious and successful individuals who wish to build, spend or share their personal wealth tax efficiently.

Andy White ANDY WHITE TAX PARTNER t: +44 (0)20 7309 3917 e: andy.white@cbw.co.uk Advising clients on their strategic tax affairs is Andy s specialist area.

15 Andy White ANDY WHITE TAX PARTNER t: +44 (0) e: Advising clients on their strategic tax affairs is Andy s specialist area. He combines his deep technical knowledge and creativity to deliver real taxation solutions that advance clients commercial and personal interests. With 30 years general practice experience, including advising on flotation's, MBOs and secondary buyouts, Andy makes an excellent advisor to most businesses experiencing rapid growth or considering strategic changes.

16 Carter Backer Winter LLP 66 Prescot Street London, E1 8NN t: +44 (0) f: +44 (0) e:

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