Budget report 2018

• introduction of a digital services tax;
• announcement of a corporate capital loss restriction;
• an increase in the personal allowance and higher rate threshold in April;
• changes to entrepreneurs’ relief;
• taxation of offshore receipts in respect of intangible property (previously royalties withholding tax)
• reforms to stamp taxes on shares consideration rules;
• changes to business rates; and
• a new structures and buildings allowance.

Apart from the digital services tax, all of these measures have an element of immediate effect. Other measures with effect from October 2018 include:

• SDLT higher rates for additional dwellings;
• capital allowances for the cost of altering land; and
• a TAAR for tax changes for UK property income of non-UK resident companies.