Spring Statement 2018
14 March 2018
Chancellor Philip Hammond has delivered his Spring Statement 2018, and on his promise to move away from two major fiscal announcements every year.
There was no red briefcase, no red book, and no tax changes as the chancellor announced updated economic forecasts in a speech lasting less than half the length of any of his previous statements.
Aside from updated economic forecasts, the rest of the chancellor’s attention focused on policy consultations – some new, others previously announced. These consultations may feed into Autumn Budget 2018:
- consultation on the qualifying conditions of Entrepreneurs Relief
- possible extension of tax relief for self-funded training by employees and the self-employed
- explore how changes to tax system or charges could be used to tackle the problem of single-use plastics
- explore how online platforms and marketplaces such as Ebay and AirBnb can ensure tax compliance by their users
- consultation on the current design of the VAT registration threshold - its impact in disincentivising small businesses from growing their business
- impact of VAT and Air Passenger Duty in N.I. to be reviewed in the context of tourism and the geographical land border with R.O.I. where there are lower VAT rates on tourism-related costs and no air travel tax
Read our Spring Statement 2018 leaflet.