The First Autumn Budget

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On Wednesday 22nd of November the Chancellor of the Exchequer will deliver the first ‘Autumn Budget’ as opposed to the usual ‘Autumn Statement’.

We are moving to an important Budget each autumn and then a watered down Spring Statement as the Government wants only one significant fiscal event a year, instead of two.

Phillip Hammond said during his statement last November:

“No other major economy makes hundreds of tax changes twice a year, and neither should we.”

Predictions include:

  • Pension tax relief cuts for older workers to fund a reduction in National Insurance Contributions for younger workers.
  • A shake up of student loans with universities having to vary charges depending on the employment rate of specific courses.
  • The scrapping of Stamp Duty for first time buyers.
  • A 10% cut in EIS tax relief

Rawcliffe & Co will be providing a Budget Summary which clients will receive by email on the 23rd of November.