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Autumn Statement – its that time again!

Autumn Statement – its that time again!

The chancellor, Philip Hammond, will deliver his first Autumn Statement on Wednesday this week, despite many calls for this to be scrapped in favour of one annual budget statement in March.

As always there is much speculation about what might be included. Cabinet ministers have been told to expect a modest fiscal stimulus, with a promise of investment in homes and transport.

On the tax side, the chancellor has already said that he will not cut corporation tax to 15%, as proposed by George Osbourne, but will cut the rate to 17% by 2020.

There are also a number of consultation documents in issue proposing tax changes.  However, as many tax reliefs would have to go through the EU state aid approval processes, in light of Brexit, the chancellor may decide that now is not the right time to introduce more UK tax breaks.

We will be summarising the key tax changes following the statement on Wednesday.  So watch this space for further details.

For more information, please contact Lesley Sutton on 01484 550037 or email lesley.sutton@revellward.co.uk.

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