Jurisdiction(s):
United Kingdom

Autumn Budget 2024: UK Corporate Tax Roadmap—rate cap, capital allowances, R&D reliefs, international alignment and HMRC advance certainty for corporate taxpayers

Published on: 11 November 2024

Published by a LexisNexis Tax expert

Legal News

Article summary

Background and context

On 30 October, alongside the Autumn 2024 Budget, the incoming Labour administration unveiled a Corporate Tax Roadmap (Roadmap), outlining how it intends to shape the UK corporate tax landscape across the parliamentary term (up to five years). Commentary has focused on the breadth of the Autumn Budget measures — notable rises in taxation, borrowing and expenditure pledges — and the Roadmap should be viewed against that backdrop. Ministers have likewise stated a desire to lift private sector investment in the UK to support economic expansion. The Roadmap’s declared aim is to deliver stability, certainty and predictability within corporate taxation, thereby giving businesses the confidence to commit to long-term investments the government sees as vital to its growth plan. It covers core elements of corporation tax — rates, the tax base and principal allowances — alongside strategic direction and compliance. This article examines the Roadmap in greater depth and assesses the prospects of the government achieving those objectives. Accordingly, the Roadmap needs to be read together with the broader package of tax rises, borrowing plans and spending measures in the Autumn Budget. This broader context clearly matters.

Roadmap contents

Corporation tax rates and scope

The pledge to cap...

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