Autumn Statement and Draft Finance Bill 2014

Our expert insight and opinion on the Autumn Statement 2014

  • We have long been making the case to Government for the introduction of measures aimed at MSBs, the real engine room of GDP growth in the UK economy. The Treasury listened, and have acted.

    Jonathan Riley Head of Tax

    03/12/2014 16:40

  • We welcome the continued business rates cap of 2% and the increased business rates rebate of £1,500 to small businesses.

    Paul Dossett Head of Local Government

    03/12/2014 16:40

  • Given recent proposed changes to the patent box tax relief, it was a shame that the Chancellor made no specific mention of the future of the patent box. However an increase in R&D expenditure credit from 10% to 11% is welcome.

    Dominic Preston Head of Innovation

    03/12/2014 16:16

  • Positive news that the Chancellor echoed our calls for encouraging international expansion with £45m support to first time exporters to new territories. Although could have gone further and introduced an R&D like tax credit.

    Jonathan Riley Head of Tax

    03/12/2014 14:01

  • Some surprise announcements for the property industry including the abolition of the slab system of SDLT for residential property, significantly impacting people across the UK on purchases of the family home.

    Kersten Muller Real Estate Tax Partner

    03/12/2014 16:40

  • It is interesting that the UK is adopting a restriction of banks' use of brought forward tax losses, and raises the question whether this will permit a revision to bank levy policy.

    Richard Milnes Financial Services Tax Partner

    03/12/2014 16:40

  • I am delighted that HMRC have taken the positive step to support MSBs through a gateway to specialist tax help and named individuals when transitioning through a business change.

    Jonathan Riley Head of Tax

    03/12/2014 17:52

Latest:

  • Chancellor announces long term economic plan is working for the UK
  • R&D expenditure credit increased to 230% for SMEs
  • More support for Northern powerhouse with increased infrastructure projects
  • NIC abolished for apprentices under 25
  • £45m support to first time exporters to new territories

Draft clauses which will form part of Finance Bill 2015 were released by HM Treasury on 10 December 2014. We have produced briefing papers on the following measures:

The publication of the draft clauses follows the Chancellor's Autumn Statement, announced on 3 December 2014, where he announced key measures that resonate with what Grant Thornton has been calling for:

  • The abolition of National Insurance contributions for apprentices
  • Better access to support from HMRC for mid-sized and fast growing businesses
  • Increased help for exploring new export markets especially for first time exporters

Autumn Statement 2014 summary

Read detailed analysis

Autumn Statement 2014

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