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SHARING ECONOMY UK REACTS TO THE BUDGET

SHARING ECONOMY UK REACTS TO THE BUDGET

Sharing Economy UK (SEUK), the trade body for the sector, has responded to the Chancellor’s November 2017 Budget.

Richard Laughton, Sharing Economy UK Chair and CEO of EasyCar, said:

“The Chancellor has repeatedly said that Britain must be at the forefront of the technological revolution and the UK’s world leading sharing economy can play a crucial role in achieving this vision.

“Increasing support available through the Enterprise Investment Scheme and investing in digital skills were central asks of SEUK and will help many burgeoning companies in the sector to thrive. Alongside the introduction of the world’s first ‘sharing economy tax allowance’ there are some important new additions to support growth and participation in the sharing economy.

“The sector is keen to partner with HMRC to ensure that users of the sharing economy pay the right amount of tax. However, there is a risk that shifting VAT liabilities from users to platforms themselves will constrain growth and participation.”