In this issue

  • UK Autumn Statement 2016: real estate
    24 NOV 2016

    The statement was almost as notable for what it did not include, as what it did. The only significant announcements were as follows.

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  • UK Autumn Statement 2016: IPT
    24 NOV 2016

    The UK patent box regime allows companies to elect to have relevant IP income earned from their patented inventions taxed at a lower rate of 11% (10% from April 2017), compared with the normal corporation tax rate of 20% (19% from April 2017). The government intends to include in the Finance Bill 2017 specific provisions for the application of the patent box regime to R&D undertaken by companies collaboratively under a "cost sharing arrangement". The new provisions will take effect for accounting periods commencing on or after 1 April 2017.

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  • UK Autumn Statement 2016: finance
    24 NOV 2016

    In the 2016 Autumn Statement, the UK government confirmed, as previously announced, that from April 2017, it is to cap the amount of tax deductions for interest to the higher of 30% of taxable earnings in the UK or the net interest to earnings ratio for the worldwide group. This is subject to a threshold of £2 million net interest expense and a specific exemption for public benefit infrastructure (which may be more generous than previously indicated).

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  • UK Autumn Statement 2016: corporate
    24 NOV 2016

    The Government has recommitted to the following reforms previously trailed in the March 2016 Budget.

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  • UK Autumn Statement 2016: inheritance tax and business property relief
    24 NOV 2016

    From 6 April 2017, non-domiciled individuals who hold UK residential property within an overseas vehicle will be within the charge to inheritance tax.

    In order to implement these reforms, the definition of "excluded property" will be amended so that shares in offshore close companies will not be excluded from inheritance tax where the shares derive their value directly or indirectly from UK residential property.

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  • UK Autumn Statement 2016: gambling taxes
    24 NOV 2016

    Use and enjoyment VAT charge for advertising services – there is still no news on whether the UK is going ahead to impose VAT ,under an extension to the effective use and enjoyment rule, on B2B advertising and marketing (including affiliate marketing) services which are supplied to non-EU established businesses. The UK had announced it was intending to do this, once it had imposed VAT on insurance repair services carried out in the UK , which has been done.

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