The SDLT announcement might have taken the limelight in this Autumn’s Budget, but there were several other announcements that will have a major impact. Alongside key promises on infrastructure in the regions, the chancellor also announced a review looking at how our tax system of addresses the digital economy.
Today’s Statement also outlined measures to raise an additional £4.8bn over the next five years through the continued drive against tax evasion and avoidance. This will be supported by a £300m investment in new HMRC resource – both in terms of people and technology – to make the existing measures stick.
While there was a welcome increase in the rate of R&D tax relief under the scheme available for larger companies there was no sign of anything specific for SMEs – despite his comment that they are a significant engine of growth in the economy.