Autumn Statement

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Not too much affecting our clients significantly in today’s Autumn Statement.¬† Some points of interest:

  • The much heralded U turn on tax credits has been broadcast far and wide.¬† Most media seem to then ignore the Chancellors next sentence “Tax credits are being phased out anyway as we introduce universal credit“.
  • From April 2019 capital gains tax will be due to be paid within 30 days of completion of any disposal of residential property (currently all CGT is due 31 January following the tax year in which the disposal takes place)
  • Higher rates of SDLT will be charged on purchases of additional residential properties such as buy to let properties and second homes, from 1 April 2016.
  • Digitalisation and tax payer accounts to replace Self Assessment – as previously announced, ongoing and nothing in place yet.
  • Possible further attack on dividends from small companies and replacement of IR35 – as previously announced, ongoing and nothing in place yet.
  • Small business rates relief in place for further year.
  • From 30 November 2015 the generation of renewable energy benefiting from other government support by community energy organisations will no longer be qualifying activities for EIS, SEIS VCT or SITR purposes.
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