EY Autumn Statement – Tax highlights
The emphasis in today’s Autumn Statement was on the Government’s spending review. Nonetheless, there were a number of new announcements on tax, over and above the Chancellor’s change of position on tax credits. These included a surprise increase in stamp duty land tax on second homes and buy-to-let properties. The Chancellor also confirmed new penalties against schemes caught by the general anti-avoidance rule and tough measures against tax evasion. He confirmed the proposals for local councils to have a limited ability to vary business rates, as well as promising the results of the Government’s review of business rates at the time of next year’s Budget.