Spring Statement Consultation Announcements
Yesterday’s Spring Statement was the first event in the new Budget regime, with the main annual Budget moving from its traditional spring setting to the autumn and the Autumn Statement being replaced by a Spring Statement. Billed as unlikely to feature any major announcements, the Chancellor instead made a range of Spring Statement Consultation Announcements.
These may well prove to be the early indicators of significant future changes so should not be ignored!
What consultations were announced?
- The previously announced proposal to allow Entrepreneurs Relief on capital gains
- A number of proposed extensions and reforms of Enterprise Incentive Scheme, Seed Enterprise Incentive Scheme and Venture Capital Trusts to encourage investment in innovative firms
- Extensions of existing tax relief available for self-funded work-related training by employees and the self-employed
- Online platforms’ role in ensuring tax compliance by their users
- An alternative method of VAT collection
- Calls for evidence to better understand the role of cash and digital payments in the new economy, the impact of the current VAT registration threshold on growth.
Also, the Government is consulting on a number of other changes including:
- Corporate tax and the digital economy
- Employment status
- Extension of offshore time limits
- A review of the corporate intangibles fixed asset regime
- Changes to the taxation of non-residents chargeable to income tax and capital gains tax.
Several of these Spring Statement Consultation Announcements could result in potentially major changes to the tax rules. We will of course keep you informed as these progress but if you have any concerns please do get in touch.