Spring Statement 2018—Tax analysis

Spring Statement 2018—Tax analysis

A summary of the tax-related consultations, and other tax developments, published at the Spring Statement on Tuesday 13 March 2018.

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The Chancellor of the Exchequer, Philip Hammond, delivered his first Spring Statement on Tuesday 13 March 2018. Sticking to his promise of a single fiscal event each autumn, Mr Hammond did not announce any new spending commitments or immediate tax changes, instead stating that the abolition of twice-annual tax changes gives businesses more certainty and aligns the UK system with those of its counterparts.

As promised, the Chancellor’s statement focused on providing an update on the overall health of the economy and a summary of the public finances provided by the government’s independent forecaster, the Office for Budget Responsibility (OBR).

The Spring Statement was used to announce policy reviews and consultations. Immediately following the Spring Statement, the Treasury published 13 consultation documents inviting views on future changes to the tax system.

Contents

  • Corporate tax and the digital economy: position paper
  • Enterprise Investment Scheme knowledge-intensive fund consultation
  • Allowing entrepreneurs’ relief on gains made before dilution
  • Extension of security deposit legislation
  • VAT registration threshold: call for evidence
  • Alternative method of VAT collection—split payment
  • The role of online platforms in ensuring tax compliance by their users
  • Cash and digital payments in the new economy
  • Taxation of self-funded work-related training
  • Other publications
  • Future developments

Definitions

The following abbreviations are used in this analysis:

  • Spring Statement 2018: the speech delivered by the Chancellor of the Exchequer, Philip Hammond, on Tuesday 13

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