The Chancellor announced a number of measures designed to bring alignment and consistency to corporate taxation. These included some welcome changes to the corporate intangibles regime and capital loss carry forward restriction for large companies. The unexpected announcement of digital services tax is the latest in a raft of measures aimed at levelling the playing field for UK companies competing against the global 'tech giants'.
The Budget has very little direct impact on the charity sector. However, there are measures proposed to reduce administrative burden that have been on charities’ wish lists for some time. New VAT group rules will also help to simplify group structures and reduce compliance costs for charities and schools.
Targeted changes affecting capital gains tax reliefs for individuals, despite it not being the main focus of the Budget.
Even though there was
little in the Budget which was specific to professional practices, firms and
their partners will still be affected.
Tax Facts: Autumn Budget 2018