The Chancellor of the Exchequer, Philip Hammond, has announced that the government will publish its next Spring Budget on Wednesday 8 March 2017, the last one to be held at this time of year before the switch to an autumn event
The government has published nearly 400 pages of new tax legislation setting out the draft provisions for Finance Bill 2017 for technical consultation, including changes to National Insurance contributions, clampdown on salary sacrifice contracts for new car schemes and simplification of PAYE Settlement Agreements
Our essential snapshot of the key measures announced in Autumn Statement 2016 and Finance Bill 2017, including salary sacrifice, disguised remuneration, NIC for self employed, reduction in MPAA limit and flat rate VAT scheme
Bill Dodwell, head of tax policy at Deloitte and president of the CIOT considers the key tax measures announced in the Budget and the impact on businesses from interest deductibility to lower corporation tax, a curb on salary sacrific and increased national insurance costs for employers
Opinion is divided as to the impact on company car provision following the Chancellor’s announcement in the Autumn Statement of a radical overhaul of the current salary sacrifice arrangements, with suggestions that there is likely to be a rush of purchases pushed through before the April 2017 start date for the new tax regime
The Autumn Statement included details of an additional £79.4m in funding over the lifetime of this Parliament for the Department for International Trade (DIT) to build capacity to support the UK’s exit from the EU and negotiations for the best possible global trading arrangements for the UK.