Yesterday Phillip Hammond had the unenviable job of presenting the pre planned Spring Statement amid the ongoing crossfire of Brexit debate.
The Chancellor did all he could in the circumstances and focussed on what might be, if and when the Brexit outcome is finally settled. His 'pièce de résistance' was the pledge of the launch of a three year Spending Review before the summer recess, again assuming Brexit is resolved. Coupled with this was the promised 'Deal Dividend' which was based on agreeing to scrap the concept of a no-deal Brexit (which last night’s vote agreed). This now gives him some form of budget to invest in infrastructure, the NHS and some possible tax breaks.
The Treasury didn’t fail to disappoint though and promptly released a 68 page document on tackling tax avoidance, evasion, and other forms of non-compliance. Such targeting of perceived non-declaration and payment of taxes remains an easy political win across the board.
So, in summary, it’s wait for the outcome of Brexit and watch this space. The public at large are well versed in the waiting game.
To read or download our summary of the 2019 Spring Statement please click here.
To read or download the tax rates and allowances for the tax year 2019/20 please click here.
If you have any questions about the Spring Statement or any related matters, please do get in touch.