Amidst all the Brexit debates, the Chancellor Philip Hammond presented his second Spring Statement on Wednesday 13 March 2019.
Whilst there were a lot of provisos around his announcement dependent upon the UK departing Europe with a deal, the Chancellor provided an update on the economy and responded to the Office for Budget Responsibility forecasts. In addition he launched consultations on various aspects of the tax system together with updates on earlier consultations.
In this publication we concentrate on the tax consultations that were announced either at Spring Statement or in recent weeks and progress that has been made in the development of legislation from earlier consultations.
We also remind you of tax changes which take effect for 2019/20. The new timing of the Autumn Budget allows the announcement of most new measures well in advance of the tax year in which they are due to take effect.
You should contact us before taking any action as a result of the contents of this summary.
Making Tax Digital for Business: VAT HMRC is phasing in its landmark Making Tax Digital (MTD) regime, which will ultimately
Capital gains tax (CGT) rates The current rates of CGT are 10%, to the extent that any income tax basic
Off-payroll working in the private sector The changes to the off-payroll working rules (commonly known as IR35) that came into
Extension of offshore time limits The assessment time limits have been increased for offshore income and gains to 12 years.
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