In the Summer Budget speech, the Chancellor spoke of his commitment to put public finances in order through a bold plan to be a more productive and balanced economy. Looking to the UK’s fiscal policy he announced a series of tax and welfare reforms, a number of which will have a real impact on the environment in which corporate entities operate:

• corporation tax set to fall to 18% by 2020;
• Annual Investment Allowance (AIA);
• enterprise zones;
• National Living Wage (NLW);
• employment allowance for National Insurance Contributions (NIC);
• apprentice levy;
• deduction for the cost of goodwill on an accounting basis through an amortisation charge to the profit and loss account will no longer be available;
• transfers of stock or goodwill to related parties;
• Controlled Foreign Companies (CFC);
• tackling anti-avoidance; and
• general anti-abuse rule.