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:
- Income Tax rates
- National Living Wage and National Minimum Wage
To read the full report, please click here.