Backing British Business
On 22 November 2023, the Chancellor of the Exchequer presented the Autumn Statement to Parliament, which includes five focus areas:
- Reducing debt
- Cutting tax and rewarding hard work
- Backing British business
- Building domestic and sustainable energy
- Delivering world-class education
The only notable immigration-related announcements are under the “Backing British Business” heading. In summary, the government will “simplify and expand the UK’s business visitor visa” and expand the Youth Mobility Scheme (commonly known as the "working holiday visa"). Whilst the government states “[i]t is vital that businesses can access the talent they need”, it is unlikely that these short-term visas will attract and retain foreign talent.
It is important to remind ourselves that, if the visa holder (even if it is a short-term visa) meets one of the relevant Statutory Residence Tests, then they will be UK resident for tax purposes and may be subject to UK tax on their worldwide income and gains for the entire tax year (which runs from 6 April to the following 5 April).
How can we help?
Burges Salmon's specialists have substantial experience in immigration, tax, trusts, and estate planning for international clients. If you wish to discuss any of the matters raised in this article, please do get in touch with Suzanna Harvey, Myra Leung or your usual contact within the team.
The government will expand the business visitor rules to allow business people to engage in a wider range of permitted activities and paid engagements, to take effect from January 2024. The government will also explore further reforms to the business visitor rules, during 2024.