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.

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