The new UK
What’s your plan?
The Coalition Government has brought a new shape to the UK tax landscape for individuals and entrepreneurs, creating both challenges and opportunities. On the one hand, the Government wants everyone to pay their share towards restoring the public finances which will result in a clampdown of tax avoidance, the tightening of rules and increased security. On the other hand, the Chancellor has declared Britain “open for business” and has set out to make the tax system more stable, transparent and competitive.
The new UK investigates the challenges and opportunities that this new tax environment brings. We recommend that, in order to make the most of the changes, it may now be the right time to replace short term tactics with a more holistic and durable tax strategy. Many individuals and families may have held their wealth through the same structure for many years, without consideration as to whether or not that structure remains appropriate in current times given the changing tax regime, and in particular increased income tax rates and decreasing corporate tax rates. Additionally, in the drive towards transparency and accountability, there is now a greater opportunity to build a long-term relationship with HMRC.
The new UK (PDF)