Spring Statement Commentary

Category: Taxation - Posted On: Mar 13 2019

Chancellor, Philip Hammond, delivered his brief Spring Statement earlier today which was met with the usual mix of back slapping and derision in equal measures, intensified no doubt by the spectre of Brexit. Carrots were dangled with post Brexit bonuses in the event of a deal being struck, particularly given the UK’s encouraging borrowing figures.

In taxation terms, there was virtual silence (as expected given that tax announcements are made in the Autumn Budget), with the exception of a continuing review on the tax, and perceived tax avoidance by global tech companies. We watch this space with interest. Virtually tariff free imports post Brexit were indicated but to comment further in this area seems redundant given the current lack of certainty.

Head of EQ Taxation, David Morrison, commented “whether you’re for or against Brexit, for or against Scottish independence, Conservative, Labour or SNP – what business wants is certainty. I urge the politicians to set aside their political differences and urgently seek a solution to the current Brexit deadlock, if only for our sanity!”

Our EQ Taxperts will be happy to discuss any relevant matters with you, please email taxation@eqaccountants.co.uk or call your local office contact.