Spring Statement 2018 announcements made on 13 March.

The Chancellor’s statement didn’t spring any surprises. With the main Budget now pushed back to the autumn, the speech was a masterpiece of understatement, lacking the seasonal colours of emerging blossom. The lack of excitement was palpable.

Instead of the buds of March putting a spring in the Chancellor’s step with new announcements, we were instead left with the continuing blast of winter as debt reduction remains the mantra and a public spending review was kicked into the long grass of next year. Another winter of discontent to face before we see Mr. Hammond’s light at the end of the tunnel.

The trouble is, the Chancellor’s tunnel vision ignores the economic uncertainties of Brexit – just a year away.

Our detailed report can be downloaded here. Check out our Budget 2017 infographic.

Brief recap – key tax changes previously announced:

  • Termination payments reform from April 2018
  • Corporation tax reduced from 20% to 17% by 2020
  • £5,000 Dividend Tax Allowance reduced to £2,000 from April 2018
  • Personal tax allowance to rise to £11,850 from April 2018
  • Higher Rate tax threshold increase to £46,350 from April 2018
  • Corporation Tax indexation allowance frozen from January 2018
  • VAT threshold frozen at £85,000 for two years
  • Making VAT Digital to start from 1 April 2019 for VAT-registered businesses
  • Making Tax Digital delayed until at least April 2020
  • National Living Wage to increase from £7.50 to £7.83 from April 2018

Spring Statement 2018 key measures:

Briefing Notes

In advance of the Spring Statement, The House of Commons published a background briefing paper and a further paper on the economic indicators which form the backdrop to the statement.

Alongside the Spring Statement, the Chancellor also issued a written statement on the many consultations being issued.

Finance Bill 2018

Whilst we have some information today on these Spring Statement announcements, the detailed provisions will not be available until the Autumn Budget.

Finance (No 2) Bill 2017, from last year’s Autumn Budget, received Royal Assent on 15 March 2018 and became Finance Act 2018.

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