Referendum

Whatever other reactions there have been, the referendum result has sparked a great deal of uncertainty.

In terms of any impact on tax, I shall watch for developments and communicate points most likely to affect my clients.

Just before the referendum, George Osborne warned that leaving would necessitate considerable tax rises. There is a possibility of a post-referendum budget (which was always possible, whatever the result). However we are still waiting to hear anything from a chancellor following the referendum. My impression is that the powers that (for now) be gave far more attention to preparing for a ‘remain’ result than to contingency planning in case of a ‘leave’ outcome.

A reminder amid everything else happening that the rules for the 5 April 2016 tax return, due to reach HMRC between now and 31 January 2017, are already set. A change to current rules (to affect the following return, for the tax year we are now in) is very unusual, though not unheard of.

Business, as far as possible, as usual for now, as we wait for further developments.