This year’s Autumn Statement is due to be published on 23 November. Clare Archer is one of a number of senior private client lawyers who have been asked by LexisNexis to provide an analysis of what it might contain. Here are her predictions:
‘At the top of the agenda for all private client lawyers must be consideration of whether the proposals for the change in the non-domiciled rules in April 2017 will be watered down. Given the recent spate of consultations from the Government and press interest in both the tax gap and amount of tax that the very wealthy in our society pay, it seems unlikely. The Government may choose to look at the proposals for ‘freezer’ trusts, created by individuals prior to becoming domiciled in the UK and whether the intention is really for beneficiaries not to be able to benefit from them while being resident here, without losing the excluded property trust status.
Given Brexit and the economic uncertainties, I think the Government is likely to look at a road map for making the economy work and to consider a small inflationary increase. They may be looking at rates of corporation tax and NICs to do this as well as other incentives for businesses to work or remain in the UK.
Brexit continues to highlight the north-south divide and the Government should be looking at ways to re-engage with the rest of the country. Investment in infrastructure and particularly in the IT sector - creating hub or tech cities outside London - may be on the agenda.
The housing market is uncertain and SDLT may need some simplification or reigning in at the lower level to help the market move.’
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