ARTICLE · 22 MARCH 2018

Weekly Tax Update 21 March 2018

Smith & Williamson

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On Tuesday 13 March the Chancellor of the Exchequer, the Rt Hon Philip Hammond MP, presented to Parliament the first Spring Statement under the ‘Better Budgets' timetable, comprising a single major fiscal event...

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1. General

1.1 Spring Statement 2018

On Tuesday 13 March the Chancellor of the Exchequer, the Rt Hon Philip Hammond MP, presented to Parliament the first Spring Statement under the 'Better Budgets' timetable, comprising a single major fiscal event or Budget in the autumn and a shorter statement in the spring.

The Chancellor gave his response to the Office for Budget Responsibility forecasts. Of interest to taxpayers and tax advisers, he also announced a number of public consultations and calls for evidence. There were, as promised, no announcements of immediate tax changes or other new spending or policy announcements. It also provides more time for planned consultation and consideration of feedback in advance of introducing tax measures to take effect from April 2019. This represents a welcome move towards more certainty for businesses and other taxpayers.

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