Chancellor Philip Hammond delivered his first Conservative Autumn Statement on Wednesday 23 November 2016, in which he acknowledged “sharp challenges ahead” for the economy, exactly five months after the UK’s historic vote to leave the European Union.
Significant announcements included an increase in the National Living Wage and National Minimum Wage rates, the implementation of the business rates reduction package and a freeze on fuel duty for the seventh consecutive year. The Chancellor also announced a major change to the way fiscal events are scheduled; 2017 will see the final Spring Budget, as from that point on the main Budget will be held in the Autumn.
To save you having to trawl through hundreds of pages of Government and HMRC press releases, we have produced a summary of the main changes that will quickly bring you up to speed. We have broken the summary down into the areas that are most likely to be of interest to you, including personal, business, anti-avoidance and transport and infrastructure measures. If you have any questions, please do not hesitate to contact us for advice.
If you have any questions, please do not hesitate to contact us for advice.