Autumn Statement 2015

Category: Taxation - Posted On: Nov 26 2015

It was the Autumn Statement preceded by rumour, dire warnings and in the final analysis, the tax related changes were minimal. It’s fair to say the Chancellor has a negative view of buy to let property investors and the proposed 3% SDLT surcharge for those individuals buying a second home or a buy to let residential property simply added to the previously announced restrictions on claiming interest relief on borrowings. Many advisers had feared that Entrepreneurs Relief for capital gains would be scrapped but, in a barely mentioned paragraph, the Chancellor announced forthcoming anti avoidance legislation to restrict those seeking to turn interest into capital.

Head of EQ Taxation commented “in some ways this Autumn Statement was largely a non event for tax purposes but the positives related to what was not changed such as Entrepreneurs Relief, for now, and the news that the rules surrounding deeds of variation for wills are to be unchanged. We can expect more, however, to come in March 2016 but for now………..”

Please click the link below to download a pdf version of our Budget Summary.

Budget Summary