Wendy Nicholls, Tax Partner, shares her key messages:
- Budget foreshadows consultation on digital economy and brings in withholding tax on royalties coming into effect from April 2019.
- Consultation covers wider digital business taxation and value-added by users and consumers in the UK. Although the UK is committed to multilateral action as part of the OECD/G20 Base Erosion and Profit Shifting initiative, the government announces intentions to ensure the UK gets ‘fair-share’ of taxation on the profits.
- The UK has signalled that it intends to maintain its position as ‘open for business’ with low corporate taxation and a stable system. This is crucial to our future economic success.
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Wendy Nicholls, Tax Partners
