autumn statement 2016 - saffery champness · 2016-11-24 · the chancellor has announced that the...

Autumn Statement 2016


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Contents Page

1. Introduction 3

2. Personal tax 3

2.1 Income tax rates and bands 3

2.2 Income tax allowances 4

2.3 National Insurance Contributions 4

2.4 Recovery of unpaid NICs 5

2.5 Alignment of income tax and NICs 5

2.6 Termination payments 5

2.7 Benefits in kind and employee expenses 6

2.8 Employee shareholder status 6

2.9 Personal service companies in the public sector 7

2.10 De minimis trading and property income 7

2.11 Non‐UK domiciled individuals 7

3. Savings and pensions 8

3.1 Individual Savings Accounts 8

3.2 Foreign pensions 8

3.3 Insurance bonds 8

4. VAT and other indirect taxes 8

4.1 VAT flat rate scheme 8

4.2 Insurance Premium Tax 8

5. Business tax 9

5.1 Disguised remuneration 9

5.2 Venture capital schemes 9

6. Corporate tax 10

6.1 Business tax roadmap 10

6.2 Other corporate tax measures 10

6.3 Aligning tax treatment of different forms of doing business 11

6.4 Losses 11

6.5 Restriction on interest expenses 12

6.6 Taxation of non‐resident companies 12

6.7 Museums and galleries 12

7. Administration and compliance 12

7.1 Strengthening sanctions for tax avoidance 12

7.2 Registering offshore structures 13

7.3 Offshore tax: requirement to correct a past failure 13

7.4 Closing tax enquiries 13


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1. Introduction

When he was appointed as Chancellor there was some speculation that Philip Hammond was intended as a ‘steady hand’ and he would be less inclined to tinker with the tax system than his predecessors. His first (and last) Autumn Statement bears this out ‐ most of the ‘headline’ tax announcements were in fact a recommitment to measures already promised at previous Budgets, such as the 17% corporation tax rate and the increase in the personal allowance.

The genuinely new matters which will have most impact are likely to be non‐tax ‐ the new funds for infrastructure spending and the increased minimum wage. That said, his unexpected proposal to hold the Budget in the autumn rather than the spring will be very welcome (after a rather chaotic 2017 in which we will have two Budgets), offering as it does the chance to have parliamentary scrutiny of tax legislation prior to it being introduced, instead of today’s unsatisfactory arrangement whereby new laws taking effect on 6 April are debated by ministers in June or July of that year.

2. Personal tax

2.1 Income tax rates and bands

The Treasury has announced the tax rates and bands for 2017‐18, as set out in the table below.

Tax rate

Taxable income 2017‐18

£

Taxable income 2016‐17

£

Starting rate for savings only: 0% 0 ‐ 5,000 0 ‐ 5,000

Basic rate: Income other than dividend income: 20% Dividend income: 7.5%

0 ‐ 33,500 0 ‐ 32,000

Higher rate: Income other than dividend income: 40% Dividend income: 32.5%

33,501 ‐ 150,000 32,001 ‐ 150,000

Additional rate: Income other than dividend income: 45% Dividend income: 38.1%

over 150,000 over 150,000

Dividends are treated as the top slice of income.

The trust rate of income tax remains at 45%, with the trust dividend rate at 38.1%, where total trust income exceeds £1,000.


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2.2 Income tax allowances

Allowance 2017‐18 £

2016‐17 £

Personal allowance * 11,500 11,000

Income limit for personal allowance 100,000 100,000

Marriage allowance ** 1,150 1,100

Married couple’s allowance at 10% ***

For people born before 6 April 1935 8,445 8,355

Minimum amount 3,260 3,220

Income limit for married couples allowance 28,000 27,700

Blind person’s allowance 2,320 2,290

Dividend allowance (regardless of level of non‐dividend income) 5,000 5,000

Personal savings allowance:

For basic rate taxpayers 1,000 1,000

For higher rate taxpayers 500 500

For additional rate taxpayers Nil Nil

* Allowance reduced by £1 for every £2 over limits (where applicable). For those with income over £123,000 in 2017‐18 the personal allowance is reduced to nil.

** A spouse or civil partner may transfer up to this amount of their personal allowance to their spouse or civil partner, provided neither is liable to income tax above the basic rate. Only available to people born after 6 April 1935. Relief is restricted to 20%.

*** Allowance reduced by £1 for every £2 over limit.

Further rises in the value of the personal allowance and the higher rate threshold (when a person becomes liable to the higher rate of tax) are expected ‐ the Chancellor confirmed that these would reach £12,500 and £50,000 by the end of the current Parliament.

2.3 National Insurance Contributions

Rate/limit 2017‐18 2016‐17

Employee’s Class 1 on earnings between primary threshold and upper earnings limit

12% 12%

Employee’s Class 1 on earnings above upper earnings limit 2% 2%

Employer’s Class 1 on earnings above secondary threshold 13.8% 13.8%

Self‐employed Class 4 on profits between lower and upper profits limits 9% 9%


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Self‐employed Class 4 on profits above upper profits limit 2% 2%

Lower earnings/profits limit (annual) £8,164 £8,060

Upper earnings/profits limit (annual) £45,000 £43,000

The 4.6% increase in the upper earnings/profits limit, well above inflation, might be termed a ‘stealth tax’ ‐ it increases the amount of earnings subject to NICs at the higher rate. For an employee earning at least £45,000 the increase in tax will be £200 per annum, and for a self‐employed individual £140.

Class 2 NICs will be abolished from April 2018.

One other small change announced by the Chancellor was an alignment of the level at which employees and employers begin to pay NICs. The additional liability will be around £7 per employee per year.

2.4 Recovery of unpaid NICs

The time limits for recovering unpaid NICs are to be altered to mirror those applying for other taxes. This will change the current 6 year time limit to a maximum of between 4 and 20 years, depending on the reason for the underpayment.

2.5 Alignment of income tax and NICs

In a recent report, the Office of Tax Simplification (OTS) recommended that employee’s NICs be moved to an annual, cumulative and aggregate basis of calculation. This would remove the current situation where an individual’s NIC liability can vary depending on (for example) whether income is received evenly throughout the year. It would also match the basis of calculation for NICs with that already in use for income tax. The OTS acknowledged that a change would lead to winners and losers, and despite their advocating change, the Chancellor has decided that now is ‘not the right time to make this major reform’.

2.6 Termination payments

It was announced in the Budget earlier this year that from April 2018 termination payments over £30,000 would be subject to employer’s NICs as well as income tax. This was followed by a consultation document in the summer which proposed two further measures – a removal of tax relief for foreign service awards, and a new concept of deemed payments in lieu of notice (PILONs).

The Chancellor has confirmed that the new NIC charge for termination payments will be introduced as planned, and also that deemed PILONs will be introduced. There was no mention of the removal of foreign service relief and we will have to wait and see whether this becomes law.

The proposed deemed PILON rules are complex but, in short, where a termination payment is awarded, and that includes a contractual PILON, then the PILON is taxed as normal salary and up to £30,000 of the remainder is exempt. It is common practice to structure termination arrangements such that there is no contractual PILON is paid – the effect of this is that the entire payment may escape tax. The proposed new rules will apply in the latter case (a termination


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payment is paid but no contractual PILON) and will operate by deeming a proportion of the termination payment to be salary, which will be subject to income tax and NIC, and the £30,000 income tax and NIC exemption can apply to whatever remains. This is quite a significant change in the taxation treatment of termination payments, and means that most, if not all, such payments will now have a material liability to income tax and NIC.

2.7 Benefits in kind and employee expenses

Following consultation over the summer, the Autumn Statement has confirmed that restrictions on salary sacrifice arrangements will be introduced from April 2017, although ultra‐low emissions vehicles have been added to the items which will continue to benefit from income tax and NICs relief (along with pensions contributions, childcare and the Cycle to Work scheme). Other salary sacrifice arrangements will not provide income tax or NIC savings.

Consultation responses raised the question of the treatment of benefits already in place at 6 April 2017. The government has responded to this by introducing a general protection for all benefits in place at that date – which will retain their tax advantages until 5 April 2018 ‐ and extended protection until 5 April 2021 for school fees, accommodation and cars. This reflects the fact that taxpayers may have taken longer‐term decisions on these particular benefits on the basis that tax relief would be available.

The government has now announced its intention to go further, and to examine ‘how the taxation of benefits in kind and expenses could be made fairer and more coherent’. This will include work on how benefits are valued for tax purposes. More detail, and a specific consultation on employer‐provided living accommodation, is expected in next year’s Budget.

In addition, the government is to publish a Call for Evidence, also at the 2017 Budget, on income tax relief for employee’s business expenses. This will cover situations both where an employee claims a deduction, and where expenses have been reimbursed by employers. This last was considered relatively recently with the introduction of the business expenses exemption in Finance Act 2015, so it is interesting to see the government looking at this area again.

The Autumn Statement has also confirmed that, from April 2017, employees will have until 6 July to ‘make good’ (ie make a payment in relation to) a benefit in kind in order to reduce or eliminate a taxable benefit. This will simplify the current position (where various deadlines apply). Companies using dividends to clear outstanding balances on directors’ loan accounts, however, will need to take care to ensure that the change does not give rise to an unexpected taxable benefit if dividends are paid after this date.

2.8 Employee shareholder status

The Chancellor has announced that the tax reliefs associated with employee shareholder status (ESS) will be abolished for arrangements entered into on or after 1 December 2016. This measure allowed employees to acquire shares in a company in return for giving up certain of their employment rights. The ESS shares would, subject to certain conditions, be exempt from capital gains tax on sale.

ESS was initially devised to enable companies to hire and fire staff more flexibly, but has mainly been used in the private equity industry to reward senior management. The tax benefit of these arrangements was materially reduced following the 2016 Budget, when George Osborne announced a lifetime limit of £100,000 of gains which could attract the relief (so perhaps £10,000


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of tax saved per person assuming entrepreneurs’ relief applies). The tax relief will now be removed altogether.

2.9 Personal service companies in the public sector

As previously announced, from 6 April 2017, public sector bodies engaging workers through personal service companies (PSCs) will take on the responsibility of reviewing whether the ‘IR35’ intermediaries rules should apply to a particular engagement, and for deducting income tax and NICs where appropriate. This is a change from the current practice, which remains for all arrangements outside the public sector, whereby it is the PSC which has to decide this point and bear liability for any unpaid tax. One change following a consultation on the rules over the summer is that PSCs operating in the public sector will no longer be able to deduct the 5% tax‐free allowance, which was intended to reflect the costs of managing IR35.

2.10 De minimis trading and property income

It was announced in the 2016 Budget that from 1 April 2017 two new £1,000 tax‐free allowances will be introduced for trading and property income – this was targeted at the ‘sharing economy’, such as Airbnb and eBay. Under the original proposals, individuals with relevant incomes above £1,000 will be able to choose to calculate their taxable profit as normal by calculating their turnover and deductible expenses. On the other hand they could choose to deduct £1,000 from their turnover and be taxed on the remainder.

The measure will be taken forward, and will be extended to include other income from providing services or assets where the activity falls short of a trade.

2.11 Non‐UK domiciled individuals

The Chancellor re‐confirmed that the reforms to the taxation of ‘non‐doms’ will be brought in from 6 April 2017.

The Chancellor confirmed that two elements of the changes will be introduced:

a. From April 2017 non‐UK domiciled individuals will be deemed to be UK domiciled after being resident in the UK for 15 of the last 20 years, or if they were born in the UK with a UK domicile of origin.

b. From April 2017 inheritance tax will be charged on UK residential property when held by a non‐UK domiciled individual through an offshore structure.

No further details have been announced regarding the taxation of offshore trusts other than the confirmation that ‘non‐domiciled individuals who have a non‐UK resident trust set up before they become deemed‐domiciled in the UK will not be taxed on income and gains arising outside the UK and retained in the trust’. We understand that further details will be available when the Finance Bill is published on 5 December.

Again, as previously announced, the government is reviewing the Business Investment Relief (BIR) rules to encourage more non‐doms to invest in the UK.


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3. Savings and pensions

3.1 Individual Savings Accounts

With effect from 6 April 2017 the annual limit for contributions to Individual Savings Accounts (ISAs) will be increased from £15,240 to £20,000.

The limits for Junior ISAs and Child Trust Funds will be increased from £4,080 to £4,128.

3.2 Foreign pensions

The Chancellor has announced that non‐UK pensions are to be ‘more closely aligned’ with the UK’s domestic pension regime.

Although further details are yet to be released, we expect that this means that the current 10% tax relief which applies to offshore pension payments, such that only 90% of any payments are subject to tax, will be removed. On the other hand there is the possibility that the Chancellor may intend for a 25% tax free lump sum to be available to offshore pension funds in due course.

Aside from this there are a number of changes to the eligibility criteria for offshore pension schemes.

3.3 Insurance bonds

Two welcome changes were announced concerning life assurance bonds. Currently the way that the tax rules operate is that it is possible to trigger very significant income tax charges where there is no economic profit. The government will legislate in the Finance Bill to allow such charges to be reduced on a just and reasonable basis from 6 April 2017.

Secondly the government will have a power to amend the rules concerning assets which such bonds can invest in without triggering the personal portfolio bond anti avoidance rules.

4. VAT and other indirect taxes

4.1 VAT flat rate scheme

A new 16.5% rate of flat rate VAT will be introduced for businesses with limited costs (less than 2% of turnover, or less than £1,000 per annum).

This follows recent press coverage of personal service companies (which sell the shareholder’s services without any actual costs) taking advantage of the VAT flat rate scheme.

The new rate will apply from 1 April 2017.

4.2 Insurance Premium Tax

From 1 June 2017, the rate of Insurance Premium Tax (IPT) will increase from 10% to 12%. IPT applies to all UK insurance premiums, and so will affect most individuals and businesses. The government estimates that it will raise more than £800million per annum.


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5. Business tax

5.1 Disguised remuneration

The term ‘disguised remuneration’ applies to a class of tax avoidance schemes where, rather than paying salary directly to employees, payments are instead made to a third party (usually a trust based offshore). The third party then uses these funds to provide benefits to the employees or their families in a more tax efficient manner, such as a loan. The aim was to achieve a corporation tax deduction for the employer, whilst mitigating tax liabilities for the employee.

The schemes have a long history, have been the subject of successive HMRC legal challenges, with varying degrees of success, and the government has introduced several layers of anti‐avoidance legislation.

Disguised remuneration schemes for employees have been much less effective since the 2010 Autumn Statement, and further legislation in Finance Act 2016 has meant that it is now extremely difficult, if not impossible, for the employee to avoid a charge to income tax when receiving funds from such an arrangement. New legislation announced by the Chancellor will now also deny the employer tax relief for contributions to the arrangement unless PAYE and NICs are paid within 12 months of the end of the accounting period for which the deduction is claimed.

The restrictions above apply to employees, but we are aware of a number of such schemes still being marketed for self‐employed contractors. Again, the aim is to achieve a deduction for payments made by the client but deferring, reducing or eliminating the contractor’s tax liability by routing the payments via an offshore structure. Such schemes will be legislated against with effect from April 2017.

5.2 Venture capital schemes

A number of announcements were made in relation to the various venture capital schemes (these include the Enterprise Investment Scheme, Seed Enterprise Investment Scheme and Venture Capital Trusts).

a. A consultation into ‘options to streamline and prioritise the advance assurance service’

This is very welcome. The advance assurance service is critical to the operation of these schemes, as it provides comfort that the tax reliefs will apply to investors. The increasing complexity of the legislation, together with the fact it can take HMRC four to six weeks to respond to a letter, can sometimes make the process extremely drawn out.

b. Clarification of share conversion rights

We understand that HMRC take the view that a conversion of shares into a new class, while being ignored for most tax purposes, is a disposal of shares for enterprise investment scheme (EIS) purposes, leading to a clawback of tax relief in some cases. This point has only been taken recently and HMRC have not publicised their change of view. It was announced in the Autumn Statement that with effect from 5 December 2016 the position will be ‘clarified’, although at this stage we do not know what the resulting position will be.

c. Technical changes to venture capital trusts


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The rules for making investments in group companies will be aligned with EIS rules, and a power will be introduced enable regulations to be made in relation to share for share exchanges to clarify existing legislation.

d. Social investment tax relief (SITR) to be improved

The amount that a social enterprise can raise under SITR will be increased to £1.5million with effect from 6 April 2017. Improving the take up of SITR has been a priority for the Treasury for a while now, but this measure does not address the core problem, being that the legislation is an uncomfortable fusion of charity and EIS tax rules, and in practice it is difficult to find commercial arrangements where SITR can apply.

6. Corporate tax

6.1 Business tax roadmap

The Chancellor reiterated the government’s commitment to the Business Tax Roadmap issued earlier this year. A number of measures were covered by the roadmap, including

a. Reduction in the rate of corporation tax rate to 19% from 1 April 2017 and to 17% from 1 April 2020. The previous Chancellor (George Osborne) had indicated that the rate could fall still further (to 15%) but it is thought that the new Chancellor does not support this, and there was no reference in the statement to a rate lower than 17%.

b. Reduction in business rates.

c. Implementation of the OECD Base Erosion and Profits Shifting (BEPS) recommendations – many of which have already been implemented. The restriction on interest expenses (see below) is one of these recommendations.

6.2 Other corporate tax measures

A number of other business tax measures changes were announced.

Minor amendments will be made to the patent box to deal with companies undertaking research and development under a cost sharing agreement. The patent box provides a 10% corporation tax rate on profits arising from qualifying patents.

Minor amendments will also be made to the anti‐avoidance rules which apply to hybrid mismatches – further details and draft legislation will be in the Finance Bill which is to be published on 5 December 2016. These anti‐avoidance rules were introduced earlier this year following the OECD BEPS recommendations, and apply from 1 January 2017, replacing the current anti‐avoidance rules.

The substantial shareholding exemption provides a tax exemption where a parent company disposes of shares in another company. Following consultation earlier this year, the conditions for the exemption to apply will be relaxed with effect from 1 April 2017. Precise details will be confirmed in the Finance Bill, but relaxation could be made to the trading requirements of the company being sold, or to the minimum shareholding requirement.


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With effect from 23 November 2016, a 100% capital allowance will be available for the installation of electric charge‐point equipment. This will allow businesses to deduct capital expenditure on such equipment from their profits.

The Business Premises Renovation Allowance (BPRA) provides a 100% capital allowance on expenditure renovating vacant commercial premises. The BPRA regime ends on 31 March 2017, and there has been no indication that it will be extended.

There will be a wider review of research and development tax credits, with a view to building on the 'above the line' R&D tax credit.

6.3 Aligning tax treatment of different forms of doing business

The Chancellor said in his speech that there was a ‘growing cost to the Exchequer of incorporation’, and that the government is considering how to ensure that the taxation of different ways of working is fair between different individuals, and sustains the tax‐base as the economy undergoes rapid change.

This is partly addressed by the proposed new disguised remuneration rules discussed above, but it is also hints at a broader review of how different forms of doing business are taxed.

Currently individuals and partnerships pay income tax on profits as they arise. A company pays corporation tax on profits as they arise, with the shareholders paying tax again when dividends or salary are paid. The Office of Tax Simplification (OTS) recently considered whether certain companies could be taxed on a ‘look through’ basis ie with the shareholders paying tax on the profits of the company as they arise. However, they dismissed this as too complex.

Instead, they suggested a new form of doing business ‐ the Self‐Employed Protected Asset structure, which would provide limited liability to unincorporated businesses.

We await further details on the government’s thinking in this area.

6.4 Losses

Under current rules, a company can offset its brought forward losses only against profits of the same type; for example, trading losses can be offset against trading profits. In addition, the losses can only be offset in the company which incurred them. However, the amount of losses that can be offset is not restricted.

The government has confirmed that from 1 April 2017, for groups with profits of more than £5million losses can only be offset against 50% of the profits above £5million. For example, a company with profits of £6million would only be able to offset £5.5million of brought forward losses. This will result in higher effective tax rates for many groups with brought forward losses.

On the other hand, for losses incurred after 1 April 2017, there will be more flexibility in how the losses can be offset. For example, a company will be able to use brought forward trading losses against non‐trading profits, or even surrender them to other group companies.

There is a mismatch here ‐ the more flexible rules on loss utilisation only apply for losses incurred after 1 April 2017, but the restriction in the offset from that date will apply to all losses regardless of when they were incurred.


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6.5 Restriction on interest expenses

The government has confirmed that from 1 April 2017, a corporation tax deduction for interest costs will be restricted to a maximum of 30% of a group’s UK EBITDA. The restriction will only apply for corporation tax purposes, and so will not apply to individuals. Some companies (such as non‐resident landlords) currently within the charge to income tax may be affected under proposals that they become subject to corporation tax – see below.

The 30% ratio will be increased where the worldwide group’s interest to EBITDA ratio is higher, but this higher ratio will disregard any related party debt.

For UK groups and standalone companies this should mean that in practice no restriction applies, as the worldwide group ratio would be the same as the UK group.

The restriction will apply to all groups with UK interest costs of more than £2million.

6.6 Taxation of non‐resident companies

Companies which are not resident in the UK and do not have a permanent establishment here are currently subject to income tax rather than corporation tax on their profits. This mainly affects companies which have UK rental income, and are taxed under the non‐resident landlord scheme.

Alongside the 2017 Budget, there will be a consultation on making such companies subject to corporation tax. This could have a number of implications:

a. The corporation tax rate (19% from 1 April 2017) will apply rather than the income tax rate (20%).

b. The company will be subject to corporation tax rather than income tax rules – including the proposed interest restriction.

c. There may be greater scope for companies to claim a tax deduction for other financing expenses, such as discounts on deeply discounted bonds.

6.7 Museums and galleries

As announced in the 2016 Budget, from April 2017 a creative sector tax relief will be available to exhibitions at museums and galleries. This relief will be wider than first announced – now applying to permanent as well as touring exhibitions.

7. Administration and compliance

7.1 Strengthening sanctions for tax avoidance

The government has signalled its intention to proceed with the latest in a series of measures intended to discourage both taxpayers from participating in aggressive tax avoidance schemes, and advisers from suggesting such schemes to their clients.

Those using avoidance arrangements will not be able to use their reliance on ‘non‐independent’ advice ‐ that is, advice from someone other than those promoting or enabling the arrangements in question ‐ as evidence that they have taken ‘reasonable care’. Many tax avoidance schemes, for example, are marketed with an opinion from Tax Counsel. Such opinions are provided to the promoter, not the taxpayer, and accordingly cannot be relied on by the taxpayer. Unless the


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taxpayer takes separate tax advice, this new proposal will have the effect of increasing penalties payable where a particular set of arrangements is found to be ineffective.

Penalties will also be introduced for those who ‘enable’ tax avoidance. This goes beyond those directly promoting a particular scheme or set of arrangements, and the initial proposals, consulted on over the summer, were very broadly drawn, with a potential impact on general tax advice. Draft legislation, to be published shortly, should let us know whether the government has listened to concerns raised as part of the consultation.

7.2 Registering offshore structures

It was announced that the government will consult on the introduction of a legal requirement for ‘intermediaries arranging complex structures for clients holding money offshore to notify HMRC of the structures and the related client lists’. Even in the current information exchange environment with the Common Reporting Standard, this seems potentially very far‐reaching in scope and application, not to mention the additional administrative burden it will impose on both advisors and the government.

Since the requirement will presumably not apply to non‐UK advisors, it risks having little impact on those determined to evade UK tax, while removing privacy from those who wish to act within the law.

7.3 Offshore tax: requirement to correct a past failure

In the summer the government consulted on the introduction of a new legal requirement to correct a past failure to pay UK tax on offshore interests by 18 September 2018 with higher penalties for non‐compliance. This is linked to HMRC receiving more information under the Common Reporting Standard, which should give them the ability to identify those with undisclosed amounts.

7.4 Closing tax enquiries

Proposals allowing particular aspects of an enquiry to be referred to the First Tier Tribunal before the enquiry as a whole has been concluded have been under consideration since 2014. The government has now announced that legislation will be introduced – presumably, although this is not clear from the Autumn Statement documents, in the Finance Bill ‐ focused on individual aspects of ‘large, high risk and complex’ cases.

In such cases, it will be possible to close non‐contentious aspects of enquiries, while proceeding with the more difficult issues.

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© Saffery Champness, Chartered Accountants. November 2016. J6641.

autumn statement 2016 - saffery champness · 2016-11-24 · the chancellor has announced that the...

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