Anyone looking out for a simple budget will be disappointed.
As always - there were a raft of measures buried in the detail. With eighteen separate measures targeted at ‘anti-avoidance’, this budget carries on the trend of widening the corporate tax base.
The key measure here was the introduction of a new withholding tax on embedded royalties, this will be consulted upon before implementation in 2019.
This was a shot across the bows, as the Chancellor has also released a position paper setting out his latest thinking on how to tax digital activity in the UK.
This shows that the are keen to cooperate on the international stage, but they have set out their indication of which option they favour.
In other news indexation allowance has been frozen for business - which will create costs over time.
It was good to see the Chancellor stick to his commitment to introduce a 17% corporation tax rate by 2020 - this sends a positive signal for investment.
The Chancellor didn’t use this opportunity to set out a tax road map to help deliver a Britain that is ‘fit for the future’. However, there is clear mood music on the direction of travel.