News - Published 30th October 2018

Autumn Budget 2018 Response

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In this publication we concentrate on the tax consultations that were at the Chancellor’s Autumn Budget statement. We are also taking this opportunity to remind you of tax changes which take effect for 2019/20. We recommend that you contact us before taking any action as a result of the contents of this summary.

Download Menzies Autumn Budget 2018 Response Summary.

Autumn Budget 2018 – The Detail

The Chancellor’s Budget holds plenty of promise on paper but business leaders must continue to plan ahead with caution as a Brexit no-deal could lead to more government intervention.

Backed by a £13bn windfall of higher-than-expected tax receipts and lower borrowing figures, the Chancellor has confirmed his intention to increase public spending on the NHS by £20bn per year within the next five years, along with extra funding for mental health services and a £30bn package for new roads and road repairs.

However, the Chancellor has warned that while an end to austerity is ‘in sight’ there is still a lot riding on the Brexit negotiations and a different strategy would be required if the Government is unable to secure a frictionless trade agreement with the EU. With this in mind the budget contained measures to encourage investment but otherwise a few proposals to rock the boat.

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Menzies Autumn Budget 2018 Summary

Our Autumn Budget summary contains the Chancellor’s updates to the following tax issues:

– Personal taxes
– Business taxes
– Employment taxes
– Capital taxes
– Other matters including property transaction taxes, business rates and allowances

Download Menzies Autumn Budget 2018 Response Summary.

For more information about Menzies LLP or to talk to us about the impact of the 2018 Autumn Budget on your business and finances, contact your Menzies Relationship Partner.

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