The Chancellor, Philip Hammond, will deliver his Autumn Statement to Parliament on Wednesday 23 November at 12:30pm with a focus on preparing the economy for the “challenges that will lie ahead”.
This will be the Chancellor’s first Budget announcement since he took up the job following the vote to leave the European Union. He is likely to concentrate on the support the economy will need as the UK extracts itself from the EU and outline what is planned for public finances based on the latest forecasts from the Office for Budget Responsibility.
Key areas we expect the Autumn Statement to cover include the economy, infrastructure, pensions, corporation tax, the upcoming changes to landlord tax, the housing industry, fuel duty, income tax and VAT.
With forecasts of an economic slowdown as a result of increased uncertainty brought about by Brexit, the Chancellor said: “We’ve got to make sure that what we do is responsible, that everything we do is compatible with building resilience in our economy as we go into a period where there will be some uncertainty around the negotiation over our exit from the EU and focus on making sure that our economy is match-fit for the opportunities and the challenges that will lie ahead.”
As always our business and tax experts at Beavis Morgan will be on hand to provide commentary and a summary of the key tax changes and what they mean for you and your business.
If you have any concerns or queries relating to the announcements made within the Autumn Statement, our tax experts are available toguide you through the tax maze and help you with bespoke solutions to ensure that you or your business are as tax efficient as possible.