28 November 2016 UK announces new tax law changes in its Autumn Statement The UK Finance Minister presented his Autumn Statement to parliament on November 23, but in a change from previous years, only limited details of proposed changes to personal and employment taxation have been released. From April 6, 2017, there will be an increase in the UK tax payable on certain employee benefits-in-kind where the employee had a choice to receive cash instead of the benefit. A review of tax relief for employee business expenses is also back on the Government's agenda. The UK tax treatment of non-UK pension schemes is likely to become less favorable as the Government has announced an intention to widen the scope of payments from foreign pension schemes that are subject to UK tax, and to change the definition of overseas pension schemes regarding which UK tax relief is available under UK domestic law. The previously announced changes to the UK tax rules for non-domiciled individuals from April 2017 and to termination payments from April 2018 are to be implemented substantially as expected. A Tax Alert prepared by EY's People Advisory Services group, and attached below, provides additional details. Document ID: 2016-2010 |