Autumn Budget 2018 Summary
With Brexit uncertainties clouding the forecast horizon, Chancellor Philip Hammond made the most of upgraded forecasts of tax receipts from the Office of Budget Responsibility as he delivered his second Autumn Budget on 29th October.
Declaring that ‘the era of austerity is finally coming to an end’ he confirmed and gave more details of the extra spending on the NHS previously announced by the Prime Minister, and some other areas had targeted additional funds (such as to smooth the introduction of Universal Credit).
However, ‘discipline will remain’ and most areas of government spending will not see any significant increase in spending in real terms under current plans. He held out the prospect of more increases in spending if a Brexit deal can be agreed which minimises disruption to the economy, whilst warning that his Spring Statement may need to be upgraded (i.e. to an emergency Budget) if there is no deal.
In one of the longer recent Budget speeches, he also announced significant increases in Income Tax allowances, some tightening of the conditions for Entrepreneurs’ Relief, changes to capital allowances and a number of other changes. Some touted dogs did not bark: there were no further restrictions to pensions tax relief and no change to the scheduled reduction in corporation tax to 17% from April 2020.
A summary of the 2018 Autumn Budget is now available via the link below. We hope the summary provides a valuable guide to the significant announcements.
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.
Tax rates for 2019/20
The Government reserves the right to make changes to fiscal policy at the Spring Statement if the economic circumstances require it. With the Brexit uncertainty these changes could include amendments to tax rates and allowances. The Spring Statement will take place in March 2019 and we will update you on pertinent announcements.
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