We have had to look hard for the stand-outs on the taxing side. But there are a few.
There's welcome confirmation that the 'business tax road map' is to be retained and implemented, including (of course) reducing the corporation tax rate to 17%. Stability and certainty is key here.
Building out from the Finance Act 2016 tax rules brought in for non-resident developers/traders in UK land, it looks like any non-resident company with UK-source income will be brought into the UK corporation tax net.
There's welcome news for pension funds and other exempt investors in authorised investment funds (AIFs): on receipt of dividends, they will be able to obtain credit for tax paid by the AIF - but not yet.
We expected the abolition of tax advantages associated with Employee Shareholder Status - this is a good scheme in theory, but misused in practice.
It is disappointing that, in a speech that acknowledged the UK's housing challenge and paucity of housing supply, the Chancellor did not reduce the SDLT surcharge on those institutional and other large investors who are looking to increase supply in the housing rental market. I hope that the new Housing White Paper will take a broader view of the fiscal barriers (including the surcharge) to increasing supply in this market.
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