Changes to the UK tax system

Philip Hammond has announced the following changes to the UK tax system in the upcoming year:

  1. Limited interest deducted from taxable income. Previously, the full amount of interest was considered to reduce taxes when investing in UK real estate.
  2. Limitations imposed on previously incurred tax losses to reduce the taxable income in the reporting year.
  3. Non-residential companies and private individuals to pay taxes from income gained in the UK. This also refers to the profits from property rental.
  4. Planned reduction in corporate tax from 20% to 17%, to be effective by 2020.