Tax changes worth £73.6bn over the next five years were announced in the UK government’s Autumn Statement earlier in the week. This equals a 35% increase on the £54.5bn in tax changes announced in the spring budget, says Thomson Reuters, the global content and technology company.
The statement means a reduction in tax of £59.2bn over the next five years. There are 35 significant tax changes detailed in the statement, the average number of tax changes announced in budgets over the last decade is 33.
Commenting on this, Thomson Reuters general manager, tax & accountant professionals, Simon Brookings, said: “The statement includes some major departures in tax rules such as the abolition of Class 2 National Insurance and making permanent the full expensing of capital allowances.”
“The proposed changes to tax over the next five years are considerable and accountancy firms will have to assimilate to 35 new tax policies. The financial risks of inaccuracy mean businesses are having to invest more in the technology needed to navigate tax compliance to ensure they don’t inadvertently fall foul of HMRC.”
The International Accounting Bulletin, together with its sister publication, The Accountant, have collected multiple industry reactions to the Autumn Statement as announced by UK chancellor Jeremy Hunt on the 22 November. This can be found here.
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