Budget 2018 foreward by Will Sweeney – Tax Technical Specialist
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.
– Personal taxes
– Business taxes
– Employment taxes
– Capital taxes
– Other matters including property transaction taxes, business rates and allowances
Big changes to entrepreneurs’ relief
The change for Entrepreneurs relief was announced amongst the draft clauses for the Financial Bill and was confirmed during the Autumn Budget 2018.
Manufacturing Budget Response
Following the Chancellor’s Autumn Budget 2018 update, Menzies Manufacturing sector team have reviewed the impact of Philip Hammond’s announcement upon the UK manufacturing sector.
Property Budget Response
The Autumn Budget offered plenty of good news for the housing and construction sector, with the Chancellor promising £1bn of British Business Bank guarantees.