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TAG Tax Newsletters


Meet the Co-chairs - TIAG

Spearman, Lisa
Mercer & Hole

On, Wendy
Fineman West & Co. LLP

Brenner, Saul B.
Berdon LLP

Saba, Fuad

Meet the Co-chairs - TAGLAW

Derewenda, Anna K.
Williams Mullen (VA)

Meet the Co-chairs - TAG-SP

Severino, Maria
Collins Barrow Toronto LLP

By Steven J. Bokiess of FGMK (Chicago, Illinois, USA)

Donald Trump’s election, and the continuing control of Congress by the GOP, are expected to bring about tax law changes for individuals and businesses. Throughout his campaign, President-elect Trump promised to take up tax reform, including reduced income tax rates, expanded tax breaks for families, and the repeal of the Affordable Care Act. While it is too early to predict what the final version of tax reform will look like, if and when it passes, or whether it will be retroactive to January 1, 2017, Trump’s tax plan as laid out during his campaign is an indicator of the shape that future tax reform may take.

Read the entire article.

by Cathy Corns of Mercer & Hole (London, England)

The Autumn Statement was more about confirmation than reformation for business taxpayers. Many of the changes were announced in the Budget in March this year and come as no surprise.

Corporation tax rates

The current rate of corporation tax is 20% and is falling to 19% from 1 April 2017. It is due to reduce by a further 2% to 17% on 1 April 2020. This is good news for companies and the rates remain some of the most competitive in the developed world.

Company loss relief (large companies)

The Government is committed to introducing the loss relief changes originally outlined in their business tax roadmap. Whilst there is not very much detail yet the changes are important.

Broadly it appears that relief for losses arising after 1 April 2017 will be much more flexible in terms of offset on a group basis and against different forms of income. However, the flexibility comes at a price - from 1 April 2017 there will be a 50% restriction on the offset of losses where profits exceed £5 million on a group wide basis.

Read more: Autumn Statement - Corporate and Business Tax round-up

A Message from Old Mill Accountants (Somerset, England):

In one way Philip Hammond’s Autumn Statement was quite pleasant to listen to. Gone was the rampant political posturing and strident self-justification of George Osbourne.
Instead we had a gentle mild mannered bedside talk. It almost seemed palatable to listen to the news that economic growth was forecast to slow sharply to 1.4% and that public borrowing was going to rise to over 90% of per capita income!

Read more: Old Mill: Autumn Statement 2016 - A little ado about not a lot

A Message from DTE Business Advisers (Manchester England):

We have pleasure in sharing our summary of the key announcements in the Chancellor’s Autumn Statement 2016 (click here to download). We hope you will find it useful and informative. Philip Hammond’s first Autumn Statement was also his last. After two Budgets in 2017, from 2018 onwards we will have a Spring Statement and an Autumn Budget.

Read more: DTE: Major announcements in the 2016 Autumn Statement

Farmers could face considerably higher tax bills in future following the Chancellor’s Autumn Statement, although details are likely to remain unclear for some time.

According to farm accountant Old Mill the statement raised three potential areas of concern: Taxation on farm workers’ cottages, higher taxes for small companies, and closer scrutiny of partners’ profit shares.

“Philip Hammond had a recurring theme of fairness throughout his Autumn Statement,” says Dan Knight, director of rural services at Old Mill. “He addressed the broad themes of taxation on benefits in kind, treatment of small companies, and allocation of partnership profits. All three areas have the potential to impact on farming businesses, but there is not yet enough information to reveal what the extent of that impact might be.”

Read more: UK Farmers face threat of higher tax bills, warns Old Mill