Chris Sanger, EY’s Head of Tax Policy, comments:
“Following on from changes in the last Budget by Philip Hammond, the Chancellor today addressed one of the bugbears of the taxation system, namely the existence of two different regimes to tax and relieve the income and costs of intangible assets. From 1 July this year, all corporate intangible assets will be relieved and taxed under a single regime, removing a significant complexity in the tax regime. This will bring with it some transitional rules, but it is good to see the Chancellor valuing simplicity such that he will spend what amounts to an average of about £100m per annum over the next five years.
“This will make the UK more attractive and the costing takes into account the increase in investment into the UK as a result.”