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With the Chancellor promising to end the twice-annual rigmarole of tax changes, we ask what—if anything—lawyers can expect in the forthcoming Spring Statement.
Andrew Goldstone (AG), partner, at Mishcon de Reya
Laura Charkin (LC), partner, at Goodwin
Paul Bricknell (PB), partner, at Kuits Solicitors Manchester
AG: If Philip Hammond is to be believed, tax advisers can all go home early as he’s said he won’t be making any tax changes. If he sticks to his word, there’s nothing to predict.
LC: It seems unlikely that the Chancellor will announce any major new tax initiatives in the Spring Statement, given his move to abolish the previous system. How many years that resolve lasts for is a different matter of course, politicians do love a new policy announcement.
Businesses will welcome the change though, it being one of the very few areas where the government seems to be trying to reduce the burden on businesses, who are having to deal with the ever increasing complexity of the UK tax system in the face of Brexit and the OECD BEPS initiative. It is a small ray of light on an otherwise very foggy day.
PB: I do expect the Chancellor to stick to his promise of a single fiscal event in Autumn 2018. Taxpayers need consistency with the rules to enable them to structure their affairs in a legal but tax-efficient manner. Constant tinkering leads to inertia, which is not good for business or the economy.
I anticipate that the Spring Statement w
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