In any tax system, a high level of certainty is required for both ease of tax administration and the efficient collection of tax liabilities. Likewise, for companies and their stakeholders, domestic and international tax-related certainty is a fundamental goal. The UK’s EU referendum and potential exit from the European Union represent serious threats to this desired stability. And the biggest challenge businesses will face from a potential “Brexit” will be negotiating the resulting uncertainty.
Today UK Chancellor of the Exchequer, George Osborne, announced the UK Budget for the year 2016/17. Here is a summary of the new Budget’s key measures.