PwC comments on the Autumn Budget 2024 Business Tax Roadmap

Colin Graham, Head of Tax Policy, PwC UK: 

“The Business Tax Roadmap may feel like a small step rather than a giant leap forward for businesses and their growth aspirations given the increased tax burden many will face. There are some encouraging signs the Government is listening to feedback on how the tax system can be improved to provide the certainty that businesses need to support investment.

“While only a first step, businesses will take some encouragement from the commitments to provide more clarity on tax relief for capital investments and R&D as well as the possibility of advance clearance for major investments. While there is a clear objective to achieve future tax simplification, little detail has been provided on how this will be achieved.

“Importantly, the Roadmap also recognises that operational improvement is needed in the tax administration - that is both in terms of modernisation and major technology investment as well as how businesses are supported day-to-day in navigating the system to find greater certainty.

“The success of the Roadmap is all in the execution and that will be a long journey from the current starting point.”