The Chancellor’s first – and last – Spring Budget

2017 SPRING BUDGET

The 2017 Spring Budget will be the last of its type. Probably.

SPREADSHEET PHIL

The publication of the Finance Bill in the spring/summer of this year will presage a change in Parliamentary proceedings. A second Budget in autumn 2017 followed by a Spring Statement in 2018 marks the start of a process. This should enable Parliament to scrutinise tax changes well before the tax year where most will take effect.

As if the domestic ‘flip-flopping’ of a long-standing timetable wasn’t enough, the Chancellor, Philip Hammond, delivered his first Budget speech against a backdrop of Brexit uncertainty.

Before he stood up, punters could have obtained long odds about witnessing a wise-cracking ‘Spreadsheet Phil’, as he has become known. Standing at the despatch box (the joke-o-meter registered seven during his hour-long address).

But beyond the laughs from the government benches combined with Opposition scowls, the Chancellor sent out some fairly serious messages.

SELF EMPLOYED TARGETTED

Phil has delivered a fiscally-tight Budget in a bid to raise billions of pounds. This is to provide a “strong and stable platform” for the UK’s negotiations as it navigates a path away from the EU. Those targeted included  self-employed, company owners and investors.   

He also proposed to enhance the fairness in the UK’s tax system with a view to transforming the economy into one that works for everyone.

SAVINGS

ISA allowances are set to be worth £20,000 from April 2017. However the tax-free dividend allowance reduces from £5,000 to £2,000 from April 2018. Taxpayers are encouraged to contact their professional advisers to ensure they do not lose out or get caught unawares by these changes.

BUSINESSES

Businesses will need to seek out rates advice on their premises following the impending changes to the system. There may be some respite with the relief measures announced by the Chancellor.

And that’s before the Chancellor even thinks about his Autumn Budget announcements…

To see our 2017 Spring Budget summary click here:-

goo.gl/00Aqct

If you have any queries, contact me:-

Paul Southward

Paul Southward