We are delighted to provide you with this complimentary copy of our Spring Statement report.
There were no new tax measures and only minor spending changes announced. Following the Chancellors statement a range of documents covering the following areas were published:
- Making Tax Digital (MTD) – the government confirmed a light touch approach to penalties in the first year of MTD’s implementation. MTD will not be extended to any new taxes or businesses in 2020.
- Apprenticeship levy – the timing of the reduction in the co-investment rate for employers from 10% to 5%, and the increase to 25% in the amount that employers can transfer to their supply chains, will be brought forward. These changes will take effect from April 2019.
- Draft legislation for the new structures and buildings allowance for investments in non-residential structures and buildings announced in the 2018 Budget. The relief will be given as an annual 2% flat rate over 50 years for new commercial structures and buildings.
- Review of time limits for the recovery of lost tax involving an offshore matter, comparing them with other time limits. It will set out the rationale for the charge on disguised remuneration loans and will be laid by 30 March 2019.
- CGT private residence relief changes announced in the 2018 Budget to lettings relief and the final period exemption.
We have also included a recap of the key tax changes in the forthcoming 2019/20 tax year.
We trust that you find the enclosed Spring Statement summary useful and that it is a helpful basis for a discussion with us about your financial future.