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The Tax Implications of the Brexit Decision

By Chartered One

The Tax Implications of the Brexit Decision

By Kathryn Jones
Practice Consultant (SWAT UK)

When the ex-Chancellor George Osborne delivered the 2016 Budget he was very clear that the measures presented were based on the assumption that the UK would vote to remain a member of the EU in the referendum. It was suggested that an emergency Budget would be necessary in the event of a vote to leave.

Following the decision to leave the EU, George Osborne said there would not, in fact, be an emergency Budget and his successor, Philip Hammond, is also not intending to rush through legislation.

In July 2016 Philip Hammond, said “Over the medium term we will have the opportunity with our Autumn Statement, our regular late-year fiscal event, to reset fiscal policy if we deem it necessary to do so in the light of the data that will emerge over the coming months showing us exactly what is happening in the economy post the referendum decision.”

It is anticipated that the 2016 Autumn Statement will contain significant announcements setting out the direction in which the UK’s tax policy will move in the period before and after Brexit.

SWAT UK will be running a live webinar (“Key Points from the Autumn Statement”) on 24 November 2016 (the day after the Autumn Statement itself), designed to bring you the latest news on the announcements made, together with our insight of what this means for your clients. You can find out more and book online at: www.swat.co.uk/AutumnStatement or call 0845 450 5555.*

What will Finance Bill 2017 look like?

Shortly after the Autumn Statement, the Government will release the draft clauses for Finance Bill 2017.

Budget 2016 along with a number of consultations issued by the Government gave us an indication of much of the legislation intended to be incorporated into Finance Bill 2017.

However, the results of the EU referendum and the refocusing of government priorities has thrown into doubt how many of the measures announced will actually be legislated in the next Finance Act. After a long pause from the end of May, whilst the EU referendum took place, HMRC published a whole raft of consultations in August including no fewer than six on the ‘Making Tax Digital’ strategy.

The SWAT UK webinar “Draft Finance Bill 2017 – the Immediate Reaction” is designed to give a swift overview of what’s in and what’s out, together with any new developments arising from the issue of the draft legislation and associated documents. You can find out more and book online at www.swat.co.uk/DraftFB or call 0845 450 5555.*

If you’re considering online training, you may be interested to know that you can access over 400 of SWAT UK’s courses online from just £29+VAT a month per person*. Plus, many are available to watch on-demand at a time to suit you. Find out more at www.swat.co.uk/Webinars or call 0845 450 5555.*

*Excludes attendance on SWAT UK’s Certificate in Probate and Estate Administration courses and Charities Conference. All professional staff must be included in the firm-wide packages (regardless of training needs). Part time staff will be counted as being full time for the purposes of course attendances. Prices quoted are valid until 31 December 2016. Rates are based on a 12 month contract. Calls cost 2p per minute plus your telephone company’s access charge. Visit www.swat.co.uk/Terms for full terms and conditions.
Kathryn Jones