Global Tax Update: October 2018 / United Kingdom
On 29 October, The Chancellor of the Exchequer, Philip Hammond delivered the government’s 2018 Budget against a backdrop of uncertainty in the UK economic landscape.
His announcements were largely targeted at the changing dynamic of the economy and promoting the UK as “open for business”. No specific tax measures were announced in respect of Brexit, although the Chancellor made clear that he reserved the right to convert the 2019 Spring Statement into a fiscal event if required. In the meantime draft legislation detailing the proposed changes was published on November 7, 2018.
For the avoidance of doubt, none of the measures outlined below have been enacted; based on previous Budgets we would expect enactment to occur in the spring of 2019.
This bulletin sets out the key measures for Japanese owned groups. For detailed coverage and comment on the UK Budget 2018, visit Deloitte’s dedicated website at www.ukbudget.com.
This newsletter explains the following topics;
- Business tax
- Capital allowances
- Industry specific measures
- Employment taxes – Off-payroll working
- Indirect tax