When will the Spring Statement be announced?
It was announced at the end of 2017 that this year’s Spring Statement is due to take place on 13 March 2018. This was to replace that Spring Budget – the last of which took place in March 2017 – so that the UK now has just one major change to the tax system every year.
The Autumn Budget is where the Chancellor of the Exchequer announces tax changes, so they can be legislated for the start of the year ahead, designed to benefit tax stakeholders.
Recap: Autumn Budget 2017 key points
The first Autumn Budget in this new timetable took place on 22 November 2017. The main tax changes announced affected personal tax allowance, the VAT threshold and action on tax avoidance. Philip Hammond also announced changes in property tax, with stamp duty abolished for many first-time buyers and new home building initiatives.
Changes to the Spring Statement
With the Autumn Budget now the main fiscal announcement of the year, the Spring Statement will instead respond to the economic forecast from the Office for Budget Responsibility, which assesses growth projections for the years ahead.
As a spokesperson for the Treasury explains here: “There will be no tax or spending announcements, it will be a much shorter statement, maybe only 15 minutes.”
However, Hammond did also state that: “If unexpected changes in the economy require it, then I will, of course, announce actions at the spring statement.”
So, there should be no tax changes or spending increases outlined next month, unless they are necessary for the current economic climate.
Whatever happens in the Spring Statement, TBL Accountants will keep you up to date, letting you know how the announcements will affect you and your business.
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