On Wednesday 8 March 2017, the Chancellor of the Exchequer, Philip Hammond, will deliver his Spring Budget. This will be the last one to be held at this time of year before the move to an Autumn event.
As always, the Spring Budget will set out the government’s plans for the economy based on the latest forecasts from the Office for Budget Responsibility (OBR).
The move to a single fiscal event will be made after the Spring Budget in 2017. There will be a second Budget before the end of 2017 to switch to the new timetable, which will then be followed in future years.
The government says it expects a finance bill in spring/summer 2017 following the Spring Budget.
From winter 2017, finance bills will be introduced following the Budget. The aim will be to reach Royal Assent in the spring, before the start of the following tax year. This change in timetable will help Parliament to scrutinise tax changes before the tax year where most take effect.
The OBR is required by law to produce two forecasts a year. One of these will remain at Budget. The other will fall in the spring and the government will respond to it with a Spring Statement.
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 Spring Budget, our tax experts are available to guide you through the tax maze and help you with bespoke solutions to ensure that you and your business are as tax efficient as possible.