Duties and other measures

Tobacco minimum excise tax 

The new minimum excise tax is £280.15 per 1000 cigarettes. The change took effect from 6pm on 22 November 2017.

Tobacco product duty rates 

With effect from 6pm on 22 November 2017 tobacco rate increases will apply that will see product costs increasing by 2% above RPI inflation each year until the end of the parliament. It was also announced that hand-rolling tobacco will rise by an additional 1% to 3% above RPI inflation rate.

Offshore trusts 

New anti-avoidance rules that relate to the taxation of income and gains accruing to offshore trusts are to be introduced. 

These rules mean payments from an offshore trust intended for a UK resident individual do not escape tax when they are made via an overseas beneficiary or a remittance basis user. To this effect draft legislation was published on 13 September 2017.

Minor changes have been made to the legislation, including to ensure that the onward gift rules can apply if the close family member rule applies, to clarify the position in the year of the settlor’s death and in relation to onward gifts to multiple recipients.

The changes will have effect on and after 6 April 2018.

Double taxation relief 

A measure that makes 2 changes to the double taxation relief (DTR) targeted anti-avoidance rule. 

The first change will remove the need for HMRC to give a counteraction notice before the DTR targeted anti-avoidance rule (TAAR) applies.

The second change will extend the scope of one of the categories of prescribed schemes to which the TAAR applies, to include tax payable by any connected persons.

The first change will have effect for returns with a filing date on and after 1 April 2018 and the second change will have effect for payments of foreign tax made on and after 22 November 2017.

Insurance premium tax 

From April 2018 the following rates continue to apply:

  • standard rate – 12% 
  • higher rate – 20%.

Contact us to discuss how Autumn Budget 2017 may affect you.

Call Back Request

Enter the characters shown in the image.

Speak to a
friendly expert
01442 275789

Monday to Thursday (8am to 8pm)

Friday (8am to 7pm)

Saturday (10am to 4pm)

SJD Accountancy

SJD Accountancy are the UK's largest specialist provider of fixed fee, Limited company accountancy services to contractors; we've been acting for contractors across the UK since 1992 and have more than 15,000 clients.

We are the only national specialist firm of contractor accountants with offices nationwide. SJD Accountancy has more qualified staff than any other firm in our market with qualifications from the following major tax and accountancy bodies - ATT, AAT, CTA, ACCA, CA, ACA and FCCA.

  • Unlimited face to face meetings. This is a unique service only SJD Accountancy offers - unlimited face to face meetings across the UK - tax is complicated and sometimes only a meeting will do.
  • UK's largest contractor accountants with more qualified staff. No call centres, no outsourcing, no automated call handling. Simply telephone, email or meet your own dedicated accountant face to face.
  • Our Customer Promise. Respond to any question sent to your accountant or any dedicated department within 24 hours.  If we need more time, we will update you as soon as we can and we promise to keep you informed of the progress we are making in answering your question.
  • Outstanding reputation. We have won more awards for customer service and accountancy excellence than any other firm in our market, including: Best Accountant for Contractors, Accountant of the Year and Best Professional Service Team to name just a few.
  • All inclusive low cost fixed fee accountancy package which includes completion of accounts*, payroll bureau, dividends and corporation tax computations, personal taxation, free bookkeeping software, your own dedicated accountant* and all company returns for a fixed fee starting from £120 plus VAT per month. Check our packages for more detail.

If you have any questions about contracting or would like any further advice please call our new business team on 01442 275789 or email: newbusiness@sjdaccountancy.com. Our new business team is open Monday to Thursday (8am to 8pm), Friday (8am to 7pm) and Saturday (10am to 4pm)

Appoint SJD Accountancy and never worry about your tax or accountancy affairs again.

Form your own limited company with SJD - our same day online company formation service includes company bank account set up, VAT/PAYE registration and advice on optimum share structure. 

You may also find the following pages, guides and case studies useful:

*If you would like us to complete your company year end accounts we simply ask that you have been a client of SJD for one year or have made 12 monthly payments. All accountants are part or fully qualified.