The Autumn Statement is coming, but what can we expect?
Wednesday 23 November will see Philip Hammond, Chancellor of the Exchequer, deliver his first Autumn Statement since Theresa May became Prime Minister and the UK voted to leave the EU.
The Autumn Statement has historically been used to give us an update on the finances of the economy, outline plans for future spending and confirm whether or not the Government was balancing the books!
However, recent years have seen the Autumn Statement take on more of the features of the annual Budget, with many new tax rules and rates creeping in.
It has been reported that Mr Hammond may take the Autumn Statement back to its original intentions. In which case there may not be much to grab our attention, and slower than predicted growth may also mean that the Chancellor does not have the money available to give more big headline tax breaks.
We are however, expecting to hear more about Mr Hammond’s recent announcements to stimulate the economy by improving infrastructure and also to aid the housing and construction industries by pushing £5 billion into new housing projects.
He has already indicated that he will continue with the previously announced reduction in the rate of corporation tax down to 17% by April 2020, but will not reduce the rate down to 15% as had been discussed by his predecessor George Osborne.
Will Mr Hammond go so far as to reconsider the upcoming change in interest relief for landlords which is due to come in from April 2017? Will he scrap the extra 3% Stamp Duty Land Tax charge for second properties? Will he provide any comfort for savers?
Only time will tell! But our tax specialists will be watching the Autumn Statement and updating our social media and website with details of all the important announcements and how they might affect you.
Posted: November 17th, 2016