Autumn Budget analysis
There appeared to be very little room politically or financially for any major announcements in the Autumn Budget. As a result, the Chancellor opened by promising us a balanced budget and his speech focussed on ensuring the economy is ‘fit for the future’.
Mr Hammond announced a number of spending and investment initiatives that will be funded in part by a modestly improving economy and in part by a large number of tax changes. There were some positive changes but most measures increase the tax take, including the usual raft of targeted anti-avoidance.
The housing industry and the first-time buyer are likely to be the main winners. However, offshore owners of property will need to consider the impact of changes announced from April 2019, although subject to consultation. The Government will seek to tackle the tax issues of both the gig and digital economies but few immediate changes were announced. So while the balanced approach was certainly achieved, we believe more could have been done to simplify the UK’s tax system.
The Chancellor announced few measures that directly addressed businesses’ concerns over Brexit, aside from a further significant funding commitment. This funding may include the additional 5,000 staff HMRC have previously said are needed to support the process. Regardless of the Chancellor’s lack of clarity surrounding Brexit made in the Budget, we are still encouraging businesses to engage with Brexit tax planning.
Read our report and watch our video commentary to help you navigate the detail of the Budget announcements.
Read our report