At the centre of the Chancellor’s speech was a business tax roadmap designed to take the economy through to 2020 and beyond. It restates the principles that have guided the government’s reforms and summarises progress to date. It then deals with what we should expect to see in terms of approach and includes details of a number of new measures that will generate many billions of pounds in tax revenues over a prescribed timetable.
Alas this represents only a fraction of the announcements made and there are numerous other changes that will be introduced at some point, as well as some amendments to changes that have previously been announced. Some of these will be welcomed as reducing the tax burden for many but despite the optimistic news around our growing economy and increasing levels of employment, the Chancellor remained cautious and focussed on his long term plans not to reduce taxes or increase spending.
It seems that the acceptance by the Government of nearly all of the office of tax simplification’s recommendations made for small companies has not influenced the changes to the tax system for the rest of the UK’s population just yet. We hope our detailed analysis helps you to better understand the changes announced.