Philip Hammond has indicated that he is prepared to cut taxes if the UK is denied access to the common market after Brexit. In an interview with the German Welt am Sonntag newspaper, the chancellor suggested Britain may be forced to change its "economic model" if it is locked out of the single market.
In its Autumn Statement submission, the British Bankers’ Association has warned that the UK’s current tax system does not suggest the country is “open for business”. Amid continuing uncertainty over Brexit, the BBA said failure to reduce levies on banks could result in the UK “ceasing to be the best place for banking business to be located”.
Tax advisers and their clients face closer scrutiny by HMRC in measures forming part of the Government’s criminal finances bill. The Treasury began consulting yesterday on how to identify schemes designed to evade tax with Jane Ellison, the financial secretary to the Treasury, suggesting businesses and individuals using complex offshore structures on their tax returns may be required to flag them to authorities. The Government revealed that anyone who had failed to correct past evaded taxes by September 30 2018 would be hit with new penalties and possibly criminal charges.