Autumn Statement 2013


    

Autumn Statement 2013 took place on 5 December at 11:15am. The statement provides an update on the government’s plans for the economy based on the latest forecasts from the Office for Budget Responsibility.

We are pleased to confirm that none of the Beaumont Swiss' solutions and offerings have been affected by any of the announcements. With regard to the announcements that have been made:

Partnerships with mixed members
This legislation aims to prevent individual partners reducing their income by moving profits to corporate partners. As expected following the previous HMRC consultations, this legislation will only affect partnerships with both corporate and individual partners.

Inheritance Tax on Trusts
HMRC have been consulting throughout 2012 and 2013 with the aim of simplifying the administration of relevant property trusts and the associated periodic charges. Aside from legislation with regard to accumulated income, there will be further consultation next year on how best to simplify the regime with a view to bringing in legislation in April 2015.

HMRC powers
HMRC will be given additional powers to collect tax from users of failed avoidance schemes. The draft legislation is not yet available, however, it looks very likely that this will only apply where a scheme has been defeated in the courts, which would not apply to any Beaumont Swiss solutions.

Capital Gains Tax on non-residents disposing UK residential property
From April 2015, legislation will take effect to apply capital gains tax where non-residents make a gain on UK residential property. A consultation will begin on this in early 2014.

Close company loans to participators
It has also been confirmed that there will be no further changes to the close company loans to participator provisions (as was speculated to be on the agenda).

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