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A new broom

Philip Hammond has been appointed Chancellor of the Exchequer as George Osborne returns to the backbenches.

Mr Hammond has already confirmed that there will be no emergency budget, and he will be presenting the usual Autumn Statement later in the year and a new Finance Bill March 2017.

The immediate impact for UK tax payers is therefore business as usual. The Finance Bill 2016 will continue its progress towards Royal Assent and we will continue to offer advice to clients based on current legislation.

The press, of course, are speculating on the options that Mr Hammond has when he does turn his mind to the Finance Bill 2017. These include a deferral in the introduction of tax changes for non-doms, a possible reduction in Corporation Tax rates to encourage businesses to stay in the UK (rates as low as 12% have been mooted), and other measures to encourage savings and investment.

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