Amidst all the Brexit debates, the Chancellor Philip Hammond presented his second Spring Statement on Wednesday 13 March 2019.
In his speech the Chancellor provided an update on the economy and responded to the Office for Budget Responsibility forecasts. In addition he launched consultations on various aspects of the tax system together with updates on earlier consultations.
Main Budget tax proposals
Our summary concentrates on the tax measures which include:
- Personal tax including changes to the marriage allowance, personal allowance, tax on dividends and tax on savings income
- Making Tax Digital for Business: VAT
- Corporation tax rates
- Capital allowances
- Preventing abuse of the R&D tax relief for SMEs
- VAT Partial Exemption and Capital Goods Scheme
- VAT fraud in labour provision in the construction sector
- Employment taxes
- Capital taxes
The new timing of the Autumn Budget allows the announcement of most new measures well in advance of the tax year in which they are due to take effect.