Press release
30 October 2024
Commenting on the Government’s Corporate Tax Roadmap in today’s Budget, Lisa Stott, managing partner for tax & legal at Deloitte, said:
“Amidst tax rises totalling £40bn, the Chancellor identified that private sector investment is key to boosting UK growth. The Government’s Corporate Tax Roadmap seeks to provide the stability and certainty to make the UK the most attractive major economy in which to invest and do business. The Chancellor acknowledged that the UK currently ranks last amongst G7 nations for inbound investment as a share of the national economy.
“As well as capping the Corporate Tax rate at 25% for the duration of the Parliament, the Government has committed to retaining the rates on key tax reliefs for capital expenditure, research and development, and intangible assets at their current levels for the same period, as well as maintaining other cross-border elements of the tax system. A consultation on simplifying domestic transfer pricing rules will be re-invigorated and further steps will be taken in other areas of tax law towards aligning UK legislation with international standards.
“Supplementing these announcements, a consultation in the new year will explore options for developing a new process that will give investors in major projects increased advance comfort on the tax treatment of those investments. No details were released on how this process could operate. Further details on plans to modernise HM Revenue & Customs’ approach to the administration of Corporation Tax will be released in the Spring.
“Businesses will welcome the Government’s commitment to key features of the UK tax system and the prospect of certainty over the life of the Parliament, but will expect continued consideration of opportunities to simplify tax law following the introduction of the OECD’s Pillar Two initiative, in particular. While a process for obtaining meaningful advance comfort on the tax treatment of major projects would represent a material benefit to investors looking to navigate an increasingly complex tax landscape, all eyes will be on future consultations to see whether these announcements will have a tangible impact on foreign investment.”
@DeloitteUK for live comment
Deloitte spokespeople
Deloitte has a range of spokespeople available to comment on today’s Autumn Budget. They can be reached on 0207 303 5054 or one of the following numbers:
• Ian Stewart – chief economist (07774 337 581)
• Amanda Tickel – head of tax policy (07825011798 / 07768178264)
• Rachel McEleney – personal tax (07825011798)
• Mark Outtrim – business rates (07774 337581)
• Ed Roddis – public sector (07785 682226)
• Toby Price – stamp duty (07990 434703)
• Leila Jiwnani – hospitality and leisure (07824 895798)
• James Clare – carried interest (07586 511104)
• Anthony Massey – energy tax (07774 337581)
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