Malcolm Emery, Partner at Thrings and a dual-qualified chartered tax adviser and solicitor, has made the following comments on the Autumn Statement by George Osborne:
“While the revising of the growth forecast for this year to three per cent suggests the UK economy is continuing to perform solidly, the outlook for the global economy is not so certain. The Chancellor could have taken this opportunity to improve the UK’s export capability by reducing the standard rate of VAT.
“The Government continues to target non-UK domiciled individuals resident in the UK. While the current tax system offers such individuals benign tax status, the introduction of new tax charges needs to be carefully balanced. People with non-domiciled status in the UK contribute significantly to our nation’s economy, and there is a risk that punitive tax charges could prompt an exodus of talented and wealthy individuals and business owners from the UK.
“The news that corporate tax dodgers will now have to pay tax on the UK profits they would otherwise move offshore is likely to be welcomed by large sections of the South West business community. Mr Osborne has sought to generate more revenue for the treasury deficit, a timely move as the Government commences its preparations for next year’s general election.”
