The Autumn Statement 2016
The Autumn Statement 2016
Charles Russell Speechlys’ partners provided media commentary on today’s Autumn Statement and spending review.
Corporate Tax and Employment, Pensions and Immigration
Commenting on the Chancellor’s announcements on salary sacrifice schemes in the Autumn Statement, Martin Griffiths, Partner at Charles Russell Speechlys, said:
“The Chancellor’s announcement on salary sacrifice schemes, extensively pre-briefed, have been on the agenda for some time after being confirmed in consultation. The government are keen to clamp down on schemes which they perceive to divert money from the Exchequer, but they will hope to avoid criticism for retaining popular workplace benefits such as pensions, childcare vouchers and Cycle to Work schemes”
“However, employers will want to study the rules carefully to consider whether the schemes they offer and the way they operate fit within the new rules announced today”
Salary sacrifice scheme changes announced in the Autumn Statement:
From April 2017, most salary sacrifice schemes will be subject to the same tax as cash income.
In salary sacrifice schemes, employees exchange some of their salary for a non-cash benefit in kind (such as a mobile phone). Both the employer and employee make a tax saving, because the benefit is taxed less than a salary or not taxed at all.
This will affect types of salary sacrifice schemes differently, pensions, pensions advice, childcare, Cycle to Work and ultra-low emission cars will be exempt
All arrangements in place before April 2017 will be protected for up to a year, and arrangements in place before April 2017 for cars, accommodation and school fees will be protected for up to 4 years
Commenting on the implications for private client advisors, Piers Master, Partner at Charles Russell Speechlys, said:
“The Autumn Statement contained little that will have surprised private client advisers.
“We are pleased to see that rumours the Government would introduce anti-forestalling rules did not materialise. These measures could have challenged the ability of our clients to prepare for the April 2017 tax changes to long-term UK resident non-domiciliaries.
“We await with great interest the publication of draft legislation on these changes on 5th December, which we hope will allow affected individuals and their advisers to plan with greater certainty.”
COVID-19 Vaccination – can an employer make it compulsory for employees?
We review what legal issues to take into account when considering to make vaccination compulsory as an employer.
Linking ESG and Executive Pay
How does a business go about embedding a focus on strong ESG performance into the structures and culture of its organisation?
Charles Russell Speechlys promotes five to Partner
The promotions are effective 1 May 2021 and are accompanied by one Legal Director and 15 Senior Associate promotions.
Charles Russell Speechlys boosts private wealth offering with the hire of an international tax team
Robert Reymond will be joined at the firm by Leigh Nicoll, Emma Tyrrell and Oliver Cooper.
eprivateclient and Citywealth report on the hire of a new international tax team led by Robert Reymond
The firm strengthened its international wealth structuring capabilities with the hire of an international tax team led by Robert Reymond.
Asian Legal Business, Hubbis and eprivateclient report on the firm's expansion in Hong Kong
The firm's Hong Kong office continues to expand with the relocation of Real Estate Partner Simon Green to lead the firm’s focus in Asia.
Charles Russell Speechlys advises Fudco Partnership on sale to Exponent-backed Vibrant Foods
Fudco is a family-owned business selling South Asian ethnic foods in UK and Europe.
Electrical safety standards in the private rented sector from 1 April 2021
The Electrical Safety Standards in the Private Rented Sector will apply to existing specified tenancies from 1 April 2021.
UK property market continues to thrive
Amelia Goodwin and Georgina O'Sullivan write for Pharmacy Business on managing employee performance
Why contractors should prioritise performance management of employees as a regular feature of their business strategy.
Property Patter: cohabitees and property rights - what do couples need to think about?
It is easy to drift into complicated territory when it comes to property arrangements between a couple
Ray Ng, Robert Avis and Tom Watts write for IFC Review on recent trends in firewall legislation
Ray, Robert and Tom review recent developments in firewall provisions in BVI, Bermuda and Gibraltar.
Have your say: MAC call for evidence on Intra-Company Visa Route
The MAC, has launched a call for evidence on the Intra-Company Transfer (ICT) immigration route.
Charles Russell Speechlys LLP continues Hong Kong growth with the relocation of Real Estate Partner
We are delighted to continue the growth of our Hong Kong offering with the relocation of Simon Green to lead the firm’s focus in Asia.
Hugh Gunson and Guy Bud write for Taxation on Financial institution notices
Amendments will be made to allow HMRC to request information for the purposes of collecting a taxpayer’s tax debt.
Odey and Hffx: partnerships with mixed membership
Examining two decisions relating to remuneration arrangements in partnerships with individual and corporate membership.
Hayley Lalsing and Laura Sheftel write for Property Law Journal on the Electrical Safety Standards in the private rented sector
The Electrical Safety Standards in the Private Rented Sector Regulations 2020 will apply to existing specified tenancies from 1 April 2021.
Patrick Gearon FCIArb
Insolvency Legislation in the GCC
The interesting times of the last 14 months were preceded by the interesting times of the financial crisis of 2008/2009.
Helen Coward, Hugh Gunson and Guy Bud write for Tax Journal on remuneration arrangements in partnerships with mixed membership
Odey Asset Management LLP and HFFX LLP consider the law relating to remuneration arrangements in partnerships with mixed membership.