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Spring Budget 2017 Report

ICAEW Tax Faculty provide a comprehensive summary of the announcements relating to tax in the Spring Budget 2017, the final ahead of the trigger of article 50 which will see the UK leave the European Union.

Back to business as usual

In contrast to the dire financial forecast in the Autumn Statement, the UK’s financial situation was much improved – so the Chancellor had an opportunity to make this Budget more like ‘business as usual’, says Frank Haskew, Head of the Tax Faculty.

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Chancellor Philip Hammond delivered his final Spring Budget on 8 March 2017.

This is a summary of the announcements on tax and related matters. It has been prepared by the ICAEW Tax Faculty team, with an overview by Frank Haskew, and edited by Jane Moore.

The Budget documents include details of changes which have been announced previously. This summary focuses on new announcements.

All the government announcements and publications can be found on gov.uk on its Spring Budget 2017 page. There is also a page with links to all the HMRC tax-related documents and announcements.

The main Budget documents are the Red Book, which summarises the Budget announcements and policy decisions, and the Overview of Tax Legislation and Rates (OOTLAR), which sets out details of each policy announcement.

The Finance Bill 2017 (FB 2017) will be published on Monday 20 March 2017, together with some new consultations. The Tax Faculty will publish a summary of the Bill clauses and of the new consultations and other announcements.

Download the full report