Weekly tax brief - 15 November 2016 | Autumn Statement predictions

In this edition of RSM’s weekly round-up of the most important tax news, we cover the latest developments.


Will the Autumn Statement deliver the next shock or a sense of calm?

15 November 2016

With so much focus on Brexit and the American presidential election, the UK Autumn Statement has crept up on us. Now it's just around the corner (Wednesday 23 November) what can we expect? Another shock or will it seek to calm and reassure businesses and taxpayers?

Could this year’s Autumn Statement contain good news for private clients?

15 November 2016

We expect to see a number of announcements that will impact private individuals. We hope for some good news on a delay to complex changes for non-doms due to be rushed in in April 2017 and are optimistic about the likely simplification for many small businesses and landlords.

Hard BEPS implementation to continue

15 November 2016

We expect the government to press ahead with its commitment to a hard implementation of the OECD’s BEPS Actions, and in particular Action 4, which restricts the tax deductibility of interest costs for corporates.

Turning point for corporation tax rates globally

15 November 2016

Any attempts by the Chancellor to further reduce corporation tax in the UK could be overshadowed by developments in the US. If Donald Trump presses ahead with plans to introduce a profit repatriation tax rate of only 10 per cent and a main rate of 15 per cent, it could move the US from one of the highest tax jurisdictions in the world to one of the lowest.

Employment tax system requires root-and-branch review

15 November 2016

The PAYE and NIC system, which was designed for a very different labour market, is straining at the edges and is in need of fundamental reform. What is required is an overarching review of the whole basis of the employment tax system but will the Chancellor be brave enough to fire the starting pistol?

Could innocent Brits face sanctions in HMRC’s offshore tax clampdown?

15 November 2016

We expect to see more precise details about the 'Requirement to Correct' regime in next week’s Autumn Statement, but could HMRC’s hard line see innocent Brits unfairly punished for making a genuine mistake?

Will the tax avoidance picture get worse before it gets better?

15 November 2016

Tax transparency remains a key area of focus for HMRC, but could forthcoming regulatory changes cause a spike in tax avoidance transactions being reported?