Spring Statement 2018 | KPMG | UK

Spring Statement 2018

Spring Statement 2018

No tax changes expected at Spring Statement from the Chancellor, but we may see some consultations released.


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When Chancellor Phillip Hammond moved the date of the Budget to the autumn, he also announced that the newly-minted Spring Statement would be a fiscal event, with no tax announcements. This approach has now been confirmed, with an HM Treasury spokesman commenting to the BBC that the Spring Statement will feature "no red box, no official document, no spending increases, no tax changes", and is expected to last a maximum of 20 minutes. However, does this mean we will see no tax developments at all on 13 March? Perhaps not. At the Autumn Budget last year, a number of consultations were announced, with a number expected in ‘Spring 2018’. While the dates have not yet been confirmed, we may see some of these consultations released around the time of the Spring Statement.

This release of some of the expected consultations, while not part of the Spring Statement, would tie in with the Government’s previously stated intention to give as long a lead time on new tax consultations as possible before changes are made at Budget time.

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