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ARTICLE · 07 DECEMBER 2011

UK Autumn Statement: Steady As She Goes

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In an Autumn Statement tinged with unsurprising caution, a few key announcements stand out.

United KingdomTax
Christopher Groves
Christopher Groves
Sarah Cormack
Sarah Cormack
Sophie Dworetszky
Sophie Dworetszky
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In an Autumn Statement tinged with unsurprising caution, a few key announcements stand out. There is a commitment to creating the most competitive tax system in the G20. In this context, most notably, a new investment relief was announced, alongside some reforms to the existing Enterprise Investment Scheme ('EIS') and Venture Capital Trust ('VCT') relief. A rather pertinent question is to what extent, if any, these reliefs counterbalance the freeze in the capital gains tax exempt amount at £10,600 for 2012-13.

Importantly, nothing was said about the draft legislation on residence and domicile which is expected on 6 December. It is hoped this will be available then or very shortly afterwards. It would be heartening to see the positive proposals contained in June's consultation documents translated into effective draft legislation which will add to the UK's armoury in attracting investment in these distinctly difficult times.

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