14th March 2018

The Chancellor of the Exchequer presented his first Spring Statement to Parliament on Tuesday 13 March 2018.

As expected, Philip Hammond’s maiden Spring Statement was a rather uneventful affair, as he resisted making any changes to tax or spending.

In a 25-minute speech, he kept to his promise to provide an economic update and respond to the Office for Budget Responsibility’s latest forecasts rather than a replication of his predecessors’ lengthy Autumn Statements, with a few updates on tax consultations (such as single-use plastics, Entrepreneurs’ Relief after dilution, and EIS for knowledge-intensive companies) the only time he really deviated from this.

A summary of the 2018 Spring Statement is now available via the link below. In this publication we concentrate on the tax consultations that were announced either at Spring Statement or are currently ongoing. We are also taking this opportunity to remind you of tax changes which take effect for 2018/19.

▶ Download our Spring Statement 2018 Summary (PDF 1.83Mb)

If you have any questions regarding the information covered in this summary, or would like advice on a particular area, please get in touch with either your usual contact or any of the UNW Tax partners. Contact details can be found on the final page of this summary PDF.

We have also created a useful summary of the new tax rates and allowances for 2018/19.

▶ Click here to download our updated Tax Rate Card (PDF 365kb)

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