UK: The Autumn Statement 2014

The Chancellor delivered the Autumn Statement earlier today: see here. The complete Autumn Statement report is available here (pdf). Within the field of corporate taxation, there are proposals to restrict the amount of loss relief available to banks in respect of losses incurred in previous accounting periods: see here. In respect of tax avoidance, the Government has also published a consultation paper setting out how it proposes to implement the agreed G20-OECD approach for addressing hybrid mismatch arrangements: see here. There are also plans to introduce a new tax on profits diverted out of the UK as the result of "aggressive tax planning techniques".

The Government has also announced (or should that be re-announced?) that it will introduce legislation that will give it the power to implement the OECD's model for country by country reporting.

The Autumn Statement also confirms the Government's support for the devolution of corporation tax in Northern Ireland and notes that legislation will be introduced in the current session of Parliament subject to the outcome of on-going cross party talks.