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ARTICLE · 22 JANUARY 2018

The Autumn Budget 2017

Mishcon de Reya LLP
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Mishcon de Reya LLP

Mishcon de Reya LLP

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The Chancellor delivered his Autumn Budget on 22nd November, setting out the Government's tax policy for the next fiscal period.

United KingdomTax
Jonathan Legg
Jonathan Legg
Jade Pilling
Jade Pilling

The Chancellor delivered his Autumn Budget on 22nd November, setting out the Government's tax policy for the next fiscal period. Forewarned of a "balanced approach", the proposed capital gains tax (CGT) changes for non-residents investing in commercial property came as a surprise. However, a welcome announcement for first-time buyers was made, exempting stamp duty land tax on the first £300,000 of the purchase price, provided the price itself is under £500,000.

Capital gains

From April 2019, the Government intends to bring non-UK residents within the scope of UK corporation tax or CGT on gains arising on the disposal of UK commercial property. Important features of the new rules include:

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