Today’s Autumn Statement was coupled with a Spending Review. His speech took many people by surprise given that there were relatively few announcements on forthcoming tax issues. Much of his speech was used for giving details on the Governments spending plans during the coming years. In fact, he said so little about how the plans will be paid for, many people feel there must be more detail to come out over time or, and perhaps more worryingly, the bad news will come in the March 2016 Budget. However, he assures us that this is purely funded by lower costs incurred by the Government and higher than anticipated tax receipts through existing (and not new measures). From a tax view point, there had been much speculation that Capital Gains Tax and in particular Entrepreneurs Relief would be targeted given the triple Tax Lock (Involving VAT, Income Tax and NIC), which fears proved largely unfounded. We have therefore picked through the political announcements to bring you the details of the items which will affect the business environment |