All Budget comments are attributable to Alex Tostevin, tax partner at law firm Dentons
Oil & Gas:
"The oil & gas industry will be pleased to hear that the government is going to legislate to enable operators to transfer their tax history to other market participants, however, quite how useful this will be will be down to the detail of the legislation. To the extent that any person taking over a field from another person who has no positive tax-paying history (which is the case for many North Sea operators), the effect of this may be marginal."
Taxation of non-resident companies’ UK property income and certain gains:
"Changing how non-resident companies’ UK property income and certain gains are taxed may mean that gains from sales of commercial properties held by non-residents are now subject to UK tax.
"Although this has been on the cards for ages, it will come as a huge surprise to many that the government finally chose to bite the bullet and make this change. We will have to wait and see how the new rules will work and the extent to which institutional investors and sovereigns will be able to avail of any exemptions."
On the VAT registration threshold:
"Charities will be relieved that the Chancellor has decided not to reduce the UK's VAT registration threshold for the next two years given that many charities are not currently registered for VAT. They will need to keep an eye on the consultation to determine if the eventual result will adversely affect their activities (which may include matters such as licensing the use of their name and selling places on sponsored runs) requiring them to register for VAT; if they must account for VAT on these activities, it could significantly reduce the amount they have available for their charitable causes."