The chancellor gave his Autumn Statement on 25 November 2015 together with his spending review. This is our summary of tax-related issues in his speech.
ISA Help to Buy
The 'Help to Buy ISA' was launched on 1 December 2015. It was a new account aimed at helping first-time buyers to save up for the deposit on their home. It closed to new applicants in 2019.
Bitcoin exchange services exempt from VAT
In Skatteverket v David Hedqvist (C-264/14) [2015], the CJEU has decided that bitcoin exchange services are exempt from VAT.
No (sideways) loss relief for farming
In Peter Silvester v HMRC [2015] TC04682 a farmer was denied sideways loss relief, despite changing his business model. HMRC was entitled to make a discovery assessment on losses, even though losses were reported every year.
BEPS & Diverted Profits Tax (for SME owners)
What is Base Erosion and Profit Shifting? What is the Multilateral Instrument? When did it come into force? What are the Pillar 1 and 2 projects? What is the Undertaxed Profits Rule? What is the Income Inclusion Rule? What is the Domestic Minimum Tax? Will either of these affect me or my SME clients?
Restitution interest to be taxed at 45%
A new clause has been added to the Finance Bill 2015-16. It allows HMRC to deduct a 45% rate of corporation tax on compound interest which has been awarded to a company in respect of a restitution claim.
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