Spring Statement 2018 – how does it affect you?
Chancellor Philip Hammond began his Spring Statement with positive projections for growth, inflation, debt and borrowing. Sticking to his promise of a speech free of tax changes, he focused on the economy, progress since the Autumn Budget and new tax consultations.
Five consecutive years of growth, year on year reductions in borrowing since 2010, and continued high employment rates, set an optimistic tone for the speech. Declaring that the economy had reached a ‘turning point’ the Chancellor re-iterated that he planned to hold to his ‘balanced approach’ towards investment. This meant no new spending announcements but a promise to announce a spending review in the Autumn.
Our summary document concentrates on the tax consultations that were announced either at the Spring Statement or in recent weeks. We have taken this opportunity to remind you of tax changes which take effect for 2018/19.
If, after reading this summary you have any questions, please do not hesitate to contact Anne-Maree Dunn, one of our tax specialists (see pages 23-24), or your usual WMT partner for advice.