After listening to Rachel Reeves deliver her punchy Spring Statement, its is obvious that she is determined to bring change and deliver security to the UK.
Rachel reiterated that there will only be one major fiscal event in a year and after being on her feet for just over 30 minutes, she was true to her word – no further tax increases were announced. However, it was confirmed that the announcements made last autumn are non-negotiable and it would not be unreasonable to speculate that further tax increases might be on the cards this autumn to pay for the additional commitment to defence.
From next Tuesday, the start of a new tax year, businesses and individuals will be paying more tax. Local businesses are having to manage the increase to National Insurance by cutting overheads and, as a result of planned restrictions to Inheritance Tax reliefs and taxing unspent pensions – individuals are planning ahead.
Our changing world presents challenges and new opportunities although we know the direction of travel the Chancellor is heading. If you would like to discuss the ramifications how the announcements made last autumn could affect you, please call one of our advisers on 01223 810100.
