The new Italian Budget Law provides for a tax package tailored to attract human capital in order to enhance investments and stimulate growth; put Italy in a competitive position to attract people and organizations; and attract wealth that would have never arrived in Italy.

The new fiscal measure has an important purpose: to approve lower taxes for newly resident individuals in Italy. In particular, the aim is to attract wealthy people (High Net Worth Individuals) in Italy, such as people working in sports, fashion, arts or other high income sectors.

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A new president, a Republican-controlled House and Senate, and the aftermath of a highly confrontational campaign can be cause for uncertainty. The Berdon LLP 2016-17 Tax Planner can provide some certainty and help point the way to opportunities that can benefit your particular financial circumstances.

This easy-to-use reference tool is available in either electronic form at www.berdonllp.com — which updates as tax laws change — or in hardcopy. Segmented into common areas of interest such as Income & Deductions, Family & Education, Business, Retirement, and Estate Planning, the Planner provides insights on tax traps and approaches that you may want to explore further. To clarify what can be complex concepts, the planner provides case studies that give a real world flavor and greater understanding.

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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.

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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