UK Autumn Budget 2017

The Chancellor has presented his first Autumn Budget in the new annual tax policy cycle. Our experts provide their thoughts and opinions on the key outcomes and the potential impact for your business.

Philip Hammond has delivered a Budget promising to embrace the technological revolution and to get the UK firing on all cylinders. We share our analysis of the key topics, including changes to R&D tax credits, indexation allowances and corporation tax in the digital economy. Further updates will be provided throughout the coming days and weeks.

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After several significant changes to the corporation tax environment in recent Finance Acts, the Budget included several small detailed measures that have an impact on businesses.

A key element in the Government’s drive to support the economy is supporting research and development (R&D). This was demonstrated by a welcome 1% increase in the R&D expenditure tax credit rate to 12% and promise of £2.3bn additional funding. Measures were also promised to increase the awareness of the SME scheme relief and providing increased certainty for large scheme claims.

The importance of supporting scale-up businesses remains on the Government’s agenda with an Action Plan announced to unlock £20bn of investment. Scale-up supporting policies include a doubling of EIS and VCT scheme limits for investments in knowledge-intensive companies. The Government intends to target the reliefs at higher risk investments.

In a move to increase the tax base, a freezing of corporate indexation allowances from 1 January 2018 was announced. Forecast to raise an additional £1.7bn of tax over the next five years, this quiet move has a potentially significant impact on businesses disposing of property assets.

For our analysis on what the Autumn Budget means for individuals, visit our Private client area

Budget 2017 summary and commentary

Budget 2017 insights

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Autumn Budget long on politics, short on numbers

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Scale-up businesses left wanting more at the Autumn Budget 2017

Disappointing day for SMEs and scale-ups as Hammond sidelines them

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Looking after tomorrow's businesses today?

The impact of the Autumn Budget 2017 on owner managed businesses

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Autumn Budget 2017: Reaction and comment

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Extension of R & D tax relief focuses on large companies

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