Against a backdrop of the most uncertain political climate for decades, there was much speculation regarding Phillip Hammond’s first Autumn Statement as Chancellor of the Exchequer: on Wednesday 23 November 2016, we finally found out whether the predictions surrounding the first post-Brexit Autumn Statement were accurate. BLP’s experts commented upon the key announcements, and indeed, the key omissions of the Chancellor’s speech.
“Kate Ison, a senior associate at law firm Berwin Leighton Paisner, said the move would “restrict the ability of taxpayers to access independent and professional tax advice in relation to routine or well-established tax planning.”
“Elizabeth Bradley, head of tax at law firm Berwin Leighton Paisner, criticised the move, arguing that the government could find that it alienates the multi-nationals that could provide vital support to the economy once the UK exits the European Union.
'The UK faces huge uncertainty and must do everything it can to remain competitive and attract investment. We are, therefore, disappointed that the government is implementing the restrictions on tax deductions for interest ahead of many of our competitors. Attacking multi-nationals may play well to the gallery, but it is those same multi-nationals that we must continue to attract to weather the post-Brexit headwinds,' she said.”