5th January 2017

The Chancellor of the Exchequer, Philip Hammond, has announced that the government will publish its next Spring Budget on Wednesday 8th March 2017, setting out its plans for the economy based on the latest forecasts from the Office for Budget Responsibility (OBR).

As announced in the Autumn Statement 2016, this will be the last Budget to take place in the Spring. As from 2018 the Budget will be delivered each Autumn with a Statement the following Spring confined to the Government’s response to the latest report from the OBR but this will not constitute a major fiscal event.

Charles Linaker, Tax partner at UNW commented: “For the last 20 years one of the frustrations for tax practitioners has been having to wrestle with the complexities of, in effect, not one but two Budgets each year.

“The return to having just the one Budget proper each year and in the Autumn, rather than the Spring, so that it is well in advance of the new financial year, should result in improved consultation, greater scrutiny in Parliament and ultimately, it is to be hoped, better and simpler tax legislation.”

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