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Duties and other measures
Tobacco minimum excise tax
The new minimum excise tax is £280.15 per 1000 cigarettes. The change took effect from 6pm on 22 November 2017.
Tobacco product duty rates
With effect from 6pm on 22 November 2017 tobacco rate increases will apply that will see product costs increasing by 2% above RPI inflation each year until the end of the parliament. It was also announced that hand-rolling tobacco will rise by an additional 1% to 3% above RPI inflation rate.
Offshore trusts
New anti-avoidance rules that relate to the taxation of income and gains accruing to offshore trusts are to be introduced.
These rules mean payments from an offshore trust intended for a UK resident individual do not escape tax when they are made via an overseas beneficiary or a remittance basis user. To this effect draft legislation was published on 13 September 2017.
Minor changes have been made to the legislation, including to ensure that the onward gift rules can apply if the close family member rule applies, to clarify the position in the year of the settlor’s death and in relation to onward gifts to multiple recipients.
The changes will have effect on and after 6 April 2018.
Double taxation relief
A measure that makes 2 changes to the double taxation relief (DTR) targeted anti-avoidance rule.
The first change will remove the need for HMRC to give a counteraction notice before the DTR targeted anti-avoidance rule (TAAR) applies.
The second change will extend the scope of one of the categories of prescribed schemes to which the TAAR applies, to include tax payable by any connected persons.
The first change will have effect for returns with a filing date on and after 1 April 2018 and the second change will have effect for payments of foreign tax made on and after 22 November 2017.
Insurance premium tax
From April 2018 the following rates continue to apply:
- standard rate – 12%
- higher rate – 20%.
Contact us to discuss how Autumn Budget 2017 may affect you.
- Home
- About us
- Contact us
- Site map
- Search
- News
- Our services
- International services
- Business
- Starting a business
- Employed or self employed?
- Buying a business
- Initial costs of starting in business
- Proving your credentials to investors
- The tax system for the self employed
- Business deductions
- Claiming expenses
- Choosing your accounting date
- Buying a franchise
- The construction industry
- Preparing your business plan
- Essential record keeping
- The national minimum wage and the national living wage
- Working from home
- Insuring your business
- Tax planning for businesses
- Limited companies
- The tax system for companies
- Forming a limited company
- Pros and cons of limited companies
- Buying a company 'off the shelf'
- Tax and the company car
- Company bonus or dividend?
- Tax saving strategies
- Interest and tax payments
- Companies Act 2006
- Companies House - forms you need to know about
- The law and directors' responsibilities
- Statutory records
- The company secretary
- Getting the company struck off
- Running your business
- Partnerships
- Your employees
- Selling your business
- Starting a business
- Personal
- Tax
- Spring Budget 2020
- Tax rates and allowances
- Key dates and deadlines
- Income tax
- Corporation tax
- Inheritance tax
- Capital gains tax
- Value added tax
- National insurance contributions
- Residential property letting
- Main capital allowances
- Patent box
- Business deductions
- Penalties for late returns
- Trusts and settlements
- Non domiciled individuals
- Green travel allowances
- Mileage allowances
- Vehicle benefits
- Vehicle duties
- Pension premiums
- EIS SEIS and VCT
- ISAs
- Stamp and property taxes
- Air passenger duty rates
- Landfill tax
- Charitable giving
- Annual tax on enveloped dwellings
- Diverted profits tax
- Tax credits
- State pension
- VAT
- An introduction to VAT
- Value added tax
- Bad debt relief
- Issuing VAT invoices
- Recovering VAT on staff expenses
- Fuel scale charges
- When to add VAT
- Deregistering from VAT
- Cash accounting scheme
- Flat rate scheme
- Annual accounting scheme
- VAT dos and don’ts
- VAT inspections
- How to survive the enforcement powers
- Group VAT registration
- VAT Mini One Stop Shop (MOSS)
- Reverse charge VAT for construction services
- PAYE and NI
- IR35
- Tax and business calendar
- Budgets and Statements archive
- Calculators
- Career opportunities
- Our clients