Spring Statement 2018

20th March 2018

Following his promise to move away from two major fiscal announcements every year, Philip Hammond has now delivered his 'Spring Statement 2018'.  The Chancellor announced his updated economic forecasts in a speech lasting less than half the length of any of his previous statements. 

The attached report provides a summary of the Statement in which the Chancellor unveiled his latest economic forecasts alongside a raft of Consultations.  The report covers the following Consultation topics:

  • Allowing entrepreneurs' relief on gains made before dilution
  • Taxation on self-funded work-related training
  • Extension on security deposit legislation
  • Cash and digital payments
  • Tackling the plastic problem
  • Online platforms' role in ensuring tax compliance by their users
  • Enterprise investment scheme knowledge-intensive fund consultation
  • Business rates
  • Corporate tax and the digital economy
  • VAT registration threshold
  • VAT collection
  • VAT, air passenger duty and tourism in Northern Ireland.

The report also covers some 'Upcoming Changes' on:

  • Dividends
  • Income Tax rates
  • Auto-enrolment
  • National Living Wage and National Minimum Wage
  • Pensions
  • ISAs.

To read the full report, please click here.