The 2014 Autumn Statement

Download the Goodman Jones 2014 Autumn Statement Review

George Osborne’s Autumn Statement, the last before next year’s general election, included a number of important changes. Our report on the key elements gives further details, but particular items which caught our attention include:

• Stamp Duty Land Tax – will now be payable in graduated bands rather than at a single rate, dependent on the value of the property
• Entrepreneurs' Relief – will no longer be available to individuals on incorporation of a business
• The remittance basis – UK resident but non-domiciled individuals who have been in the UK for 17 or more of the last 20 years will now have to pay £90,000 per year (up from £50,000) if they wish to continue sheltering non-UK income and gains from UK tax under the remittance basis.
• Multinationals diverting profits out of the UK – will have to pay a 25% tax charge on any such profits
• Research and Development – Research and development tax credits have been further enhanced to help small and medium sized businesses

If you have any queries regarding any matters raised in the Autumn Statement then please don't hesitate to speak to your usual contact or email us.