United Kingdom: Budget Favors Technology, Tightens Rules
The Autumn Budget, released November 22, lowers the United Kingdom’s economic growth forecast as it moves towards Brexit. The bulk of the provisions are geared towards solving domestic problems, such as reducing stamp taxes for first-time homebuyers. The Budget also continues with the consistent message to multinational corporations: Help the UK become a global innovation center, and pay your fair share of taxes.
For multinationals, the Budget leaves the internationally competitive 19% corporate tax rate in place. It also offers funding to attract technology companies and keep existing businesses from relocating. However, the Budget aims to tighten tax rules and crack down on online sales. For more detail, read New UK Budget Favors Technology and Tightens Tax Rules.