• Autumn Statement 2015

    In-depth Analysis

Autumn Statement 2015 - In-depth Analysis

In what was the Chancellor’s third budget speech in 2015, it is perhaps no surprise that there were less headline grabbing tax announcements this time. The about turn on tax credit reforms and the spending review element of his combined statement will no doubt grab many of the media headlines but there was still room for announcements covering a wide spectrum of taxes.

With the backdrop of a high performing economy but the deficit still reducing slower than expected, a £27bn windfall from the Office of Budget Responsibility’s favourable forecast for the next five years was a convenient boost for the Chancellor. Although this allowed him to avoid immediate tax increases, there was a continued focus on collection of additional revenue through tackling anti-avoidance and tax evasion with a range of new measures including several targeted changes being announced.

Read the highlights below, download our in-depth analysis or click on the sector commentaries at the bottom of the page.

 

Corporate And Business Taxes

  • Increased devolution of tax powers to local authorities
  • Requirement for large corporates to publish their tax strategy
  • Targeted anti avoidance in relation to capital allowances and intangible fixed assets

 

Employment Taxes

  • Confirmation of apprenticeship levy at 0.5% of annual wage bill where this bill exceeds £3m
  • Restriction on relief for travel and subsistence payments
  • Changes to employment status and certain other benefits

 

Personal Taxes

  • Increased stamp duty land tax rates for purchase of residential investment property or second homes
  • Capital gains tax payment dates to be brought forward
  • Deeds of Variation to continue to be valid

 

Other Taxes

  • Significant investment in digitally advanced tax administrations
  • Stamp duty land tax payment to be brought forward

 

Anti-Avoidance Measures

  • Further investment in the commitment to reduce avoidance
  • A number of new measures announced to tackle tax evasion