Chancellor Philip Hammond presented his first Spring Statement on Tuesday 13 March 2018, in a major change to the UK fiscal timetable. In his speech he provided an update on the economy and responded to the Office for Budget Responsibility forecasts. In addition he launched consultations on various aspects of the tax system.
While the general process of developing tax policy will remain the same, the timescales for policy making and consultation have changed significantly. The government hopes that the new system will allow more time to scrutinise and consult on draft tax legislation before it is introduced.
We have produced a summary concentrating on the tax consultations that were announced either at Spring Statement or in recent weeks. We are also taking this opportunity to remind you of tax changes which take effect for 2018/19.
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.