Hundreds of thousands of British motorists will face fines for speeding in Europe under new rules coming in on Saturday

The Chancellor Philip Hammond presented the last Spring Budget on Wednesday 8 March 2017.

In his speech the Chancellor was keen to point out that he wanted the tax system to be fair, particularly in relation to the distinction between employed and self-employed individuals.

'But a fair system will also ensure fairness between individuals, so that people doing similar work for similar wages and enjoying similar state benefits pay similar levels of tax.'

In the Budget speech the Chancellor announced that he has requested a report to be delivered in the summer on the wider implications of different employment practices. Also the Budget included changes to NICs and the Dividend Allowance.

In December and January the government issued a number of the clauses, in draft, of Finance Bill 2017 together with updates on consultations.

The Budget updates some of these previous announcements and also proposes further measures. Some of these changes apply from April 2017 and some take effect at a later date.

Our summary focuses on the issues likely to affect you, your family and your business. To help you decipher what was said we have included our own comments. If you have any questions please do not hesitate to contact us for advice.

Main Budget tax proposals
Our summary concentrates on the tax measures which include:

  • increases to the Class 4 National Insurance rates
  • a reduction in the Dividend Allowance
  • changes to the timing of Making Tax Digital for smaller businesses.

Previously announced measures include:

  • increases to the personal allowance and basic rate band (a decreased band for Scottish residents)
  • the introduction of the Apprenticeship Levy
  • changes to corporation tax loss relief
  • the introduction of an additional inheritance tax residence nil rate band
  • changes for non-UK domiciled individuals.

Click here to read our summary of the Budget 2017

This comprehensive guide provides information on tax, accounting and commercial issues that overseas businesses need to consider when looking to set up operations in the UK.

View The Full Guide

Chamber Members Collyer Bristow have created a page where readers can browse through potential effects of Brexit in different areas of law. This page is updated regularly as the situation develops and clarifies giving up to date information.

The main message to overseas businesses is that Great Britain is open to business.

  1. The UK remains a great place to do business and it has a strong history as a proud trading nation.
  2. The UK is the highest ranked major economy in terms of ease of doing business, ranked higher than the USA.
  3. The World Economic Forum Competitiveness Report assesses the UK to be in the top ten for global competitiveness
  4. The UK is home to 18 of the world’s top 100 universities, and 4 of the top 10.
  5. The UK has the best superfast broadband coverage in Europe
  6. The UK’s corporation tax rate of 20 percent is the lowest in the G7 and joint lowest in the G20 and will fall to 17 percent by 2020.
  7. The UK has a large, integrated transport system, which includes the second largest ports industry in Europe; the largest air transport system in Europe and the most improved rail network in the EU.
  8.  The Patent Box gives a ten percent rate of corporation tax on profits that are earned in the UK from patents and other similar types of intellectual property (IP)
  9. The UK actively welcomes entrepreneurs and has visas for those who wish to invest in the UK and their families
  10. The UK remains a member of the EU throughout this process until Article 50 negotiations have concluded. This could take up to two years or more if negotiations are extended.  While we remain a member of the EU we will continue to play a role and represent the interests of the British people.

What matters to investors?

According to the EY2016 Attractiveness Survey (published 24 May), the following are identified as being important (in ranked order):

  1. Quality of life, diversity, culture and language
  2. Education
  3. UK’s social stability
  4. Telecommunications infrastructure
  5. Labour skills
  6. Stable and transparent political, legal and regulatory environment
  7. Access to EU markets
  8. Strength of domestic market
  9. Transport and logistics infrastructure
  10. Entrepreneurial culture. 

Source: UKTI

Please click on the image below to view the Collyer Bristow Brexit information page.

Private Client Commentary

Personal tax highlights

Capital Gains Tax (“CGT”): With an unexpected reduction in the rate of CGT in three weeks’ time – can you postpone the sale of your asset?

Event Calendar

May 2017
Mon Tue Wed Thu Fri Sat Sun
No Image
UNDERSTANDING FINANCES LISBON - 29th and 30th of May 2017INEDEM - Rua Joaquim António Aguiar 45, 2Esq - LISBON (in front of Ritz Hotel)(1st day: [...]
Date :  Monday, 29 May 2017
No Image
UNDERSTANDING FINANCES LISBON - 29th and 30th of May 2017INEDEM - Rua Joaquim António Aguiar 45, 2Esq - LISBON (in front of Ritz Hotel)(1st day: [...]
Date :  Tuesday, 30 May 2017
No Image
Business Cocktail Evening 31st May 2017from 6:00pm onwards Almeida Monteiro & Associados - Sociedade de Advogados, R.L.Rua Francisco Sá Carneiro,Edifício Lagoa Residence, [...]
Date :  Wednesday, 31 May 2017

Featured Member

Useful Information

Copyright 2014 - British-Portuguese Chamber of Commerce, Portugal | Desenvolvido por microeuropa 2014