On Wednesday 23rd November 2016 our new Chancellor Phillip Hammond presented his first Autumn Statement. As it turns out, this will also be his last Autumn Statement! One of the few surprising announcements was that in future his Annual Budget will be delivered in the Autumn, which is a break from a very long tradition in the UK. Therefore, in 2017 we will have 2 budgets, one in the Spring (the last Spring Budget) and then the first Autumn Budget later in the year. In early 2018 we will then get the first Spring Statement.
Drummond Laurie’s summary of the 2016 Autumn Statement is now available here Autumn Statement
There were no major surprises delivered in the Autumn Statement and it appears that our new Chancellor will be more “conservative” than his predecessor with rabbits being pulled from hats in short supply. Our summary has been written in plain English and we have included our comments on the more important changes together with any planning opportunities. There is a useful summary of the main tax and allowance rates for both the current and the coming (2017/18) tax years towards the end of the report.
This summary will remain on our website for you to refer to as and when you need it, however, if you have any questions please do not forget that we are here to assist you in planning your way through the complex tax maze which successive UK Chancellors have created over the last 20 years and more.