Blog Post
Autumn Budget 2017 - Published Practitioner Comments from the Fieldfisher Tax & Structuring Team
Practical Law and Lexis Nexis have published comments from the Fieldfisher Tax & Structuring Team in their Autumn Budget coverage. The full text of our comments is below. A link to the Treasury
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Gains made by non-UK residents on UK immovable property
On 22 November 2017 the government published a consultation document on the tax treatment of gains accruing to non-residents on disposals of UK immovable property.
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Non-domicile reforms now in force, backdated to 5 April 2017
Finance Bill (No. 2) 2017 received Royal Assent today.
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High conviction rate for tax fraud prosecutions maintained
In September 2010, the Government pledged to make funding available to HM Revenue & Customs ("HMRC") to ensure that there was a five-fold increase in criminal prosecutions for tax evasion. In January 2013, a seven-fold increase in the number of prosecutions for non-organised tax crime was proposed. Despite reservations expressed by the National Audit Office (in December 2015), about the cost-effectiveness of this strategy, further funding in respect of criminal tax investigations was announced in Budget 2015; this time, the aim was that HMRC triple the number. The focus on more investigations and prosecutions has been maintained, notwithstanding the political maelstrom.
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Non-domicile reforms are to proceed, backdated to 5 April 2017
Following the temporary withdrawal before the election of the proposed non-dom reforms
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Convictions for tax fraud up again
HMRC and the CPS now have a much greater focus on the criminal investigation and prosecution of tax evasion.
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Non-domicile reforms – the uncertainty continues
It was confirmed in this week's Queen's speech that the new Conservative Government intends to introduce three further finance bills in the next two years. This is to include a Summer Finance Bill
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Government drops majority of Finance Bill; impact for non-domiciles
The Government has dropped sections of the Finance Bill in advance of the election, including the non-domicile reforms that will cause shares in offshore companies holding UK property to come within
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UK residential property owned by non-domiciliaries; change to proposed new IHT charges for lenders and borrowers
As part of the Government's proposed reforms to the taxation of non-domiciliaries which will take effect from 6 April, new IHT charges are to be imposed on lenders and borrowers where loans are
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Draft Finance Bill 2017—new corporate interest restriction provisions
Tax analysis: What are the latest corporate interest restriction provisions that have been included in draft Finance Bill 2017? Andrew Loan, says the new provisions are broadly in line with expectations, but the devil will be in the detail.