Tax

One of the most talked about kite-flying Budgets ever, and also one of the latest, has finally been delivered. But even before it had been delivered, the Office for Budget Responsibility (OBR) extraordinarily (and in error) published its growth forecast and some of the main Budget details. After the pundits had digested it, the OBR…

The Chancellor of the Exchequer presented her Spring Statement at lunchtime today. Here is a link to the full document. https://assets.publishing.service.gov.uk/media/67e3ecff55239fa04d411fc3/E03274109_HMT_Spring_Statement_Mar_25_Text_PRINT_.pdf There are not any tax changes further to those already announced in the October Budget. Here is a brief summary of the main announcements. A lot of political hyperbole and blaming the previous government…

Following the Budget, the Finance Bill has now been published. Entitled “HC Bill 125” it runs to 272 pages with 86 Clauses and 13 very detailed Schedules. Much of it is setting out tax rates, rates of duties, and consequential amendments to various Finance Acts as the result of the Budget changes announced. However, the…

As expected this was a Budget with a number of very significant announcements but short on a lot of detail. Some of the details (and unannounced changes) are in the accompanying Government documents and Treasury publications (of which there are many). This briefing summarises what I have been able to glean so far. Things will…

Everyone reading this will be aware that in the last couple of years in particular, HMRC has taken to challenging many, if not all, R&D tax credit claims submitted. Two recent decisions (by the First Tier Tribunal) – Get Onbord Ltd (in liquidation) v HMRC [2024] UKFTT 617 and Tills Plus v HMRC [2024] UKFTT…

I’m starting with the premise that the Chancellor needs to raise some £22bn in taxes. I will take that as a given. I set out below how I think she is likely to raise this and my views on what I consider might be better options. Economic background The £22bn figure for the “black hole”…

I have already posted (see previous blog) my Budget summary document which is my initial analysis and summary of the main changes announced by the Chancellor today. But now, please indulge me as I am doing something that I have never done before. I want to try and read between the lines and crystal ball…

This is an initial analysis of the main measures announced by the Chancellor in today’s Budget and followed up by the publication of official press material and briefing documents. More information will emerge over the next few days and further alerts will be issued as necessary. The Chancellor’s soundbites… “this is a Budget for long-term…

This is an initial analysis of the main measures announced by the Chancellor in today’s Autumn Statement and followed up by the publication of official press material and briefing documents. More information will emerge over the next few days and further alerts will be used as necessary. The Chancellor says the Autumn Statement contains 110…

Legislation day is designed to provide a longer period for consultation on draft legislation for potential inclusion in the next Finance Bill. Most measures have been subject to prior consultation or were announced at the Spring Budget 2023. The draft legislation published on 18 July is open for consultation until 12 September 2023. R&D tax relief  The…