On Wednesday the Chancellor, Philip Hammond, presented his first and what will prove to be his last Autumn Statement to Parliament.
Many of the announcements had been widely leaked to the press in the weeks running up to the Statement but the news that the annual Budget was to be moved to November from 2017 with the Autumn Statement eliminated came as a surprise to most commentators. However the spring budget is being replaced by a “Spring Statement” which “under normal circumstances” will not include announcements on taxation or expenditure. The good news however is that 2017 will see both a Spring Budget and an Autumn Budget!
A tightening of the rules on Salary Sacrifice sees a number of incentives now brought within the scope of taxation, although payments to pension schemes have remained largely untouched. There was good and bad news for motorists with fuel duty frozen for the 7th consecutive year but IPT increased to 12% from June 2017.
There are to be further consultations and reviews around VAT and Stamp Duty on Shares as well as employee benefits and expenses which are anticipated to be announced in the March 2017 budget.
For detailed commentary and analysis of the Statement we have produced a short summary that can be downloaded for free here. Alternatively if you would like any help of a more detailed review of how the announcements will affect your business and personal affairs please contact is on 0845 177 5500 or using our on-line contact form.