Introduction

The Chancellor Philip Hammond presented his first Spring Statement on Tuesday 13 March 2018.

In his speech he provided an update on the economy and responded to the Office for Budget Responsibility forecasts. In addition he launched consultations on various aspects of the tax system.

In this publication we concentrate on the tax consultations that were announced either at Spring Statement or in recent weeks. We are also taking this opportunity to remind you of tax changes which take effect for 2018/19.

You should contact us before taking any action as a result of the contents of this summary.

Changes to the timing of tax legislation

Chancellor Philip Hammond has implemented some fundamental changes to the UK fiscal timetable.

In the 2016 Autumn Statement, the Chancellor announced that he would be introducing a new Budget timetable, which would see the main annual Budget moving from its traditional spring setting to the autumn and the Autumn Statement being replaced by a Spring Statement. The first Autumn Budget was presented in November 2017.

The new process

While the general process of developing tax policy will remain the same, the timescales for policy making and consultation have changed significantly. The government hopes that the new system will allow more time to scrutinise and consult on draft tax legislation before it is introduced.

The new timing of the Autumn Budget will allow the announcement of most new measures well in advance of the tax year in which they are due to take effect. The Spring Statement also offers the opportunity for the government to consult during the early stages of policy making, and publish calls for evidence on long-term tax policy issues.

Under the new system, measures announced in the Autumn Budget will generally be consulted on during the winter and spring, with draft legislation being published in the summer, ahead of the introduction of the Finance Bill in the winter. This will then receive Royal Assent the following spring.

Home | Contact us | Standard Terms of Business | Site map | Accessibility | Disclaimer | Privacy Policy | Help | powered by totalSOLUTION. © 2019 Bell Ogilvy Chartered Accountants. All rights reserved.
Bell Ogilvy, 36 King Street, Castle Douglas, Dumfries & Galloway DG7 1AF

In accordance with the disclosure requirements of the Services Regulations 2009 our professional indemnity insurer is Brunel Professional Risks Limited, St Thomas Court, Thomas Lane, Bristol BS1 6JG.
The territorial coverage is worldwide (excluding professional business carried out from an office in the United States of America or Canada) and excludes any action for a claim brought in any court in the United States of America or Canada.

We use cookies on this website, you can find more information about cookies here.

cashflow-logo.jpg freeagent-logo.jpg quickbooks-logo.png xero-logo.png