Westminster Bridge at sunset, London

UK Budget 2016

Publication |  March 2016

The Chancellor delivered his UK Budget on 16 March 2016. Many of the measures are geared to the taxation of individuals, including those with a sweet tooth (with a new sugar levy being introduced). We concentrate on those changes which will directly affect our corporate and business clients:

  • The business tax road map – the Government has published its long term tax plans for businesses, which include adopting many of the BEPS changes, such as a cap on interest relief;
  • Taxation of entrepreneurs and managers – while combating so-called tax avoidance, reducing the rate of capital gains and extending the favourable regime for entrepreneurs;
  • Oil and gas – a welcome reaction to the collapse in oil prices;
  • Real estate - an increase in the rate of stamp duty land tax for commercial property and bringing offshore property developers into the UK tax charge;

Overall, businesses will have a mixed reaction, depending on their sector. We await the detail; the Finance Bill is due to be published on 24 March.

Roadmap Entrepreneurs and management equity

Real estate Real estate Deduction of tax at source from royalties



Contacts

Dominic Stuttaford
Dominic Stuttaford
Chris Bates
Chris Bates
Matthew Findley
Matthew Findley
Matthew Hodkin
Matthew Hodkin

Practice area:

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