Today Philip Hammond delivered the first of the new style Spring Statements. After promising a short, 15 minute speech he spoke for just under half an hour, much of which was aimed at criticising the opposition.
The main headlines will be about the better than forecast growth figures and expected reduction in inflation during the coming year that will produce real wage growth in 2018/19. Additional announcements included bringing forward the introduction of the next business rates valuation to 2021 and assistance to increase production in small businesses. An announcement on measures to eliminate late payment will also receive a favourable response after the Carillion collapse.
Whilst the intention was not to include any major tax changes the Chancellor did announce the publication of a number of consultation documents. We have reviewed the available documentation to put together our summary albeit much shorter than previous years.
We hope you enjoy reading our analysis and if you want to talk through any of the detail please speak to one of the team.
- Corporate tax and the digital economy: position paper
- Allowing Entrepreneurs’ Relief on gains made before dilution
- Cash and digital payments in the new economy
- Financing growth in innovative firms: Enterprise Investment Scheme knowledge-intensive fund consultation
- Business rates: delivering more frequent revaluations
- VAT, Air Passenger Duty and Tourism in Northern Ireland
- VAT registration threshold: call for evidence
- Tax treatment of heated tobacco products
- Taxation of self-funded work-related training
- Extension of security deposit legislation
- Online platforms’ role in ensuring tax compliance by their users
- Alternative method of VAT collection – split payment
- Tackling the Plastic Problem
** Breakfast Tax Briefing – Book your place now! **
Our next Breakfast Tax Briefing will be on Tuesday, 27 March 2018 and will cover:
- The key announcements from the Spring Statement; and
- The approach to companies and their outstanding liabilities with HMRC and other creditors.
Sign up for a FREE place by emailing Megan Glynn or calling her on 020 7953 6380.
Venue: Arundel House, 13-15 Arundel Street, Temple Place, London WC2R 3DX
Time: Breakfast from 8am, presentations start at 8.30am and finish at 10am