Tax highlights


Tax is an ever-changing landscape and it can prove challenging keeping up-to-date with legislative changes. To help you work out what is coming up and how it affects you we have summarised some of the key changes that are on the horizon. 

  Date of introduction  Who will be affected 
Changes to withholding tax on royalty payments March 2016/ July 2016 Companies paying international royalties
New Patent Box scheme July 2016 Qualifying companies
Requirement to publish tax strategies Financial years commencing on
or after 1 July 2016
Large groups, companies & partnerships
Restriction of tax relief for finance costs on residential
rental properties
From April 2017 Landlords (excluding companies) of residential
properties
Introduction of property & trading allowances of £1000 April 2017 Individuals with very small amounts of property
or trading income
Major reform to non-domicile taxation April 2017 Non-UK domiciled individuals and those looking to lose their UK domicile
Introduction of Lifetime Individual Savings Accounts (LISA) April 2017 Adults under the age of 40
Move to public sector bodies being responsible for paying
the correct tax when using the services of individuals
operating through personal companies
April 2017  Public sector bodies
Reform of Corporation tax loss relief April 2017 Companies – with restrictions for companies or
groups with large profits
Restrictions on deductibility of corporate interest expense April 2017 Large groups & companies with minimum
of £2m UK interest expense
Corporation tax fall to 19% and 17% 19% on 1 April 2017 and 17%
on 1 April 2020
Companies
 lass 2 National Insurance being abolished April 2018 Self employed
Inclusion of National Insurance in the taxation of termination payments April 2018 Employees & employers
Introduction of digital tax accounts April 2018, April 2019 and April 2020 2018 - businesses not registered for VAT
& individuals with secondary income greater
than £10,000
2019 - businesses registered for VAT
2020 - companies
New quarterly payment regime for Corporation Tax April 2019 Large companies – profits over £20m (reduced
where member of a group)
Salary sacrifice shake-up No date set Employees & employers
Reform of substantial shareholdings exemption No date set Corporate groups & any company holding shares

If you would like any further information or advice please contact the Ensors Tax Team.

All initial meetings are free of charge.

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