The UK Chancellor’s Spring Statement was announced on March 13, 2019 with a focus on the following:
- Making Tax Digital, a light approach to penalties for companies striving to comply
- Digital Services Tax; companies should pay their fair share (also a theme when the Diverted Profits Tax was announced)
- Depreciation allowances
- A policy paper re: HMRC’s approach to tax avoidance, evasion and other…
Additional consultations will follow, including the Digital Services Tax planned for April, 2020.
As the UK is still negotiating its entrance into, or exit from, Brexit, these developments will be especially important.
EY’s Global Tax Alert provides details for reference: