Spring Statement 2018 summary
Jane Moore summarises the tax announcements from 2018’s Spring Statement, which includes: taxation of self-funded work-related training, online, cash and digital payments, entrepreneurs’ relief, VAT registration threshold, security deposit legislation, EIS, single-use plastics, heated tobacco products, corporate tax, air passenger duty and more.
The Chancellor of the Exchequer delivered his Spring Statement on 13 March 2018. Under the new timetable for tax policymaking, there is now only one major fiscal event a year – the Autumn Budget – and the Spring Statement was primarily a response to the latest forecasts from the Office for Budget Responsibility and an update on the public finances.
There was little mention of tax in the speech and no new tax announcements or changes to take effect immediately or on 6 April, which is certainly a welcome development.