This was Philip Hammond’s first Autumn Statement as Chancellor of the Exchequer. He also said it would be his last.
Amidst gasps from the opposition of a potential shock resignation, he went on to explain. The Autumn Statement is being abolished with a new … wait for it … Spring Statement! It also means that the usual March Budget will now move to the Autumn. Radical huh?
Less radical were the changes to tax, with many of today’s announcements merely confirming proposals unveiled by George Osborne in March.
Given the current fiscal climate it was understandable that there were few giveaways, and indeed we have seen a number of areas where Mr Hammond is looking to increase the tax base (e.g. removal of salary sacrifice schemes, the abolition of the Employee Shareholder Status scheme, and indications that the benefits of incorporation might be scaled back).
That said, the announcement of further increases to the personal allowance and higher rate tax threshold is to be welcomed. There was also a boost for companies undertaking Research and Development activities, with the hint of further incentives.
Our usual ‘top ten’ lowdown of the main announcements and how these affect businesses and individuals can be found here.
For further details or to discuss how today’s Autumn Statement might affect you or your business please get in touch with your usual Forbes Dawson contact.
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