The Chancellor has presented his Spring Statement announcing that he intends to launch a full three year spending review this summer. A low key mini budget, the Statement undoubtedly aimed to avoid more potential difficulties for the government, as it struggles to finalise a Brexit deal.
As expected, and widely publicised, Mr Hammond’s Spring Statement did not include any tax changes or new spending initiatives, instead it focused on reviewing Office for Budget Responsibilities (OBR) figures and announcing consultations, in particular:
- 13 consultations, draft regulations and call for evidence documents which are due to be published in the coming months, including regulations for maturing child trust funds and a consultation on extending private residence relief in capital gains tax (CGT)
- Plans to clamp down on late payments with a requirement for the audit committees to report on payment performance
- Making Tax Digital will not be extended to buy-to-let landlords or businesses before 2021 at the earliest
- HMRC and the Treasury have published a consultation seeking views on draft legislation for non-residential structures and buildings capital allowance
For further details on the announcements in this year’s statement download our PKF-FPM Spring Statement 2019 and if you wish to discuss your specific tax queries, please contact our Senior Tax Manager, Seamus McElvanna at email@example.com