United Kingdom

Details

  • Service: Tax
  • Type: Press release
  • Date: 05/12/2013

Autumn Statement 2013: Business tax “not quite an early Christmas present but certainly not a turkey” 

Many welcome measures but relief for infrastructure investment lacking

Thursday 5th December 2013

 

Commenting on today’s Autumn Statement, Chris Morgan, Head of Tax Policy at KPMG in the UK, said:

 

“Today’s Autumn Statement wasn’t quite an early Christmas present but certainly not a turkey as far as business is concerned.  Good news is that there was little tinkering around the edges and some welcome targeted measures to provide relief.  In particular these are the capping of business rates with specific reliefs for small retailers, the removal of employers’ National Insurance Contributions on workers below the age of 21, an extension of film tax reliefs and some targeted allowances for the oil and gas sector.

 

“As shown in our recent survey, changes to the UK’s corporate tax regime to make it more competitive are now bearing fruit and government figures today support this, suggesting that the recent reductions to the main and small profits rate of corporation tax should increase business investment by between 2.5% and 4.5% in the long term.  However, it’s a shame that the Chancellor again passed up the opportunity to introduce tax relief on capital investment which is a measure that many businesses have called for and is arguably the remaining missing piece in the jigsaw to completely transform our corporation tax regime.”


-Ends-

Follow us on twitter: @kpmguk #AS2013

www.kpmg.com/uk/autumnstatement

 

For further information please contact:

KPMG Press office

Tel: +44 (0) 207 694 8773

Margot Cowhig, KPMG Corporate Communications

Mobile: 07920 274856

margot.cowhig@kpmg.co.uk

 

About KPMG:

 

KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 12,000 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2012. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 156 countries and have 152,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.

 

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Margot Cowhig

Margot Cowhig

Senior PR Manager - Tax, Pensions & Economics

KPMG in the UK

020 7694 4246 / 07920 274856

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