The Chancellor's Autumn Statement 

United Kingdom

The Chancellor will deliver his Autumn Statement this Wednesday, 23 November 2016.

Read expert commentary on how changes to the UK's tax rules may affect you from the tax team at CMS together with their future colleagues from Nabarros and Olswang (see below for more information about the combination which will take place on 1 May 2017).

The announcements may include:

  • possible mitigation of George Osborne's SDLT and interest relief measures targeting buy-to-let landlords;
  • possible changes to entrepreneurs' relief;
  • an update on the proposed restrictions to interest deductibility for companies (expected to take effect on 1 April 2017);
  • reform of corporation tax losses: further details on proposals to restrict carry forward losses but extend group relief provisions;
  • reform of the substantial shareholdings exemption, potentially bringing it closer in line with other participation exemption regimes;
  • transfer pricing: introduction of secondary adjustments deeming excess payments to be loans at interest;
  • employment termination payments: changes to treatment of PILONs and wider application of NICs;
  • salary sacrifice restrictions.

The tax blog is interactive, so please share your views.

CMS, Nabarro and Olswang will combine on 1 May 2017, creating the sixth largest law firm in the UK. The new firm will have 450 partners and over 2,500 lawyers in the UK, supported by a team of over 4,500 lawyers across 65 offices in 36 countries worldwide.

This combination will deliver a distinctive, technology-driven offering to clients, bringing together market-leading sector specialists with outstanding global reach, underpinned by a 250 year heritage in the City and Scotland.