Herrington Carmichael’s Autumn 2021 Budget Predictions: Finances
As the deadline day draws closer, many are speculating how 27 October 2021 (the Autumn Budget delivery date) will pan out and how any changes will affect businesses and financial institutions, of all sizes.
There are areas, with regards finances, that may potentially change within the Autumn Budget, and we have set out potential areas that might be subject to change below:
Review of Banking Tax surcharges
- There are suggestions that there is to be a reduction to the bank surcharge which is levied over and above corporation tax. Rumours have suggested that the surcharge could be reduced from 8% to as little as 2%. Any such reduction would be with a view to ensuring taxation rates in the finance sector are competitive with those in the US and EU, and to ensure the UK finance industry remains attractive to investors.
Securitisation tax rules
- The Budget is likely to provide a response to the securitisation consultation that closed in June 2021, concerning potential ‘loan capital’ stamp duty exemptions and the definition of a ‘securitisation company’ in the tax regime for securitisations.
Online filing of interest restriction returns
- The Budget may introduce the concept of a mandatory filing of interest restriction returns through HMRC’s new API software. Currently this filing mechanism is optional.
For further information or to discuss the issues raised either prior to the budget or post the Autumn Budget, please contact our Banking team on 01276 686222 or via email@example.com or firstname.lastname@example.org.
This reflects the law at the date of publication and is written as a general guide. It does not contain definitive legal advice, which should be sought as appropriate in relation to a particular matter.
This reflects the law at the date of publication and is written as a general guide. It does not contain definitive legal advice, which should be sought as appropriate in relation to your own particular matter before action is taken.
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We are solicitors in Camberley, Wokingham and London. In 2019, Herrington Carmichael won ‘Property Law Firm of the Year’ at the Thames Valley Business Magazines Property Awards, ‘Best Medium Sized Business’ at the Surrey Heath Business Awards and we were named IR Global’s ‘Member of the Year’. We are ranked as a Leading Firm 2022 by Legal 500 and Alistair McArthur is ranked in Chambers 2021.