Support for private investment
The Government will provide a £5.5 billion capital package for developing the UK's infrastructure, as well as support for long-term private investment in areas including new roads, science infrastructure, free schools and free academies.
The Autumn Statement revealed details of the second wave of cities in the Government's Urban Broadband Fund.
Ultra-fast broadband will now be expanded to the following 12 cities: Brighton and Hove, Cambridge, Coventry, Derby, Oxford, Portsmouth, Salford, York, Newport, Aberdeen, Perth and Derry/Londonderry.
General Anti-Abuse Rule
A new General Anti-Abuse Rule will be introduced from next year to provide a new deterrent to abusive avoidance schemes and strengthen HMRC's means of tackling them.
HMRC recently announced that its activities to tackle non-compliance including avoidance, evasion and fraud will deliver almost £22 billion a year by 2014/15.
The Government will introduce the following five measures with immediate effect:
- Foreign bank levies - which are not allowable deductions for income tax or corporation tax purposes
- Tax mismatch schemes - which reduce corporation tax liability through asymmetric tax treatment of loans or derivatives
- Property return swaps - which convert capital losses into income losses
- Manufactured payments - where schemes involve stock lending arrangements
- Payments of patent royalties - relief for non-trade payments is to be abolished.