On Thursday 5th December 2013, the Chancellor will deliver his Autumn Statement. The following week the government will publish draft legislation for what will form much of Finance Bill 2014.
In terms of tax policy, much of the Autumn Statement is likely to follow on from already announced measures in various areas, such as:
- Changes to partnership tax rules to counter perceived avoidance by the use of corporate members and disguised employments.
- Simplification of partnership tax rules.
- Reliefs for the sale of a controlling interest in businesses to employees.
- Additional incentives for employee equity ownership.
- Simplification of some areas of trust taxation.
- Alignment of Income Tax and National Insurance Contributions.
We are also likely to hear much about Corporation Tax reform and preventing avoidance by multinationals.
We may hear statistics regarding the success of targeted disclosure facilities and many predict more initiatives in this area for domestic tax evasion.
Various anti-avoidance measures aimed at promoters and users of tax avoidance schemes will feature.
And finally, we may hear whether there is any truth in reports that the Government is considering extending Capital Gains Tax to overseas investors owning UK residential property.