It was hard not to feel for the plight of Chancellor Philip Hammond - sandwiched, as he was, between the rock of uninspiring growth forecasts and the reported hard place of the Brexiteers.
Given the circumstances he performed with good grace, decent delivery and more than a few jokes. The reference to Jeremy Clarkson being shunned by May and Hammond was a particular highlight.
The Chancellor’s joviality almost drove us to song here at Technical Connection but we held back for fear of a 'Cosmic Autumn Rebellion'. It is, however, the Chancellor’s first Budget in 'November' and with 'Autumn Leaves' everywhere but very little in the way of fundamental tax change we were determined to leave no 'Autumn Stone' unturned in our quest to provide the insight you would value.
So, as a kind of 'Autumn Serenade' we hope you enjoy and get benefit from our analysis – and keep sheltered from the 'November Rain'*.
Highlights are the proposals in relation to:
- Venture capital trusts and the Enterprise Investment Scheme
- The freezing of indexation relief for corporate capital gains
- A consultation on trust taxation
- Research on the influence of inheritance tax reliefs and exemptions
- A consultation on employment status and the use of personal service companies in the private sector
And (with extra special thanks from our pensions team) there was much relief at there being no changes to pensions in this Budget.
This year’s Technical Connection Budget report focuses on changes and consultations announced in the Budget speech and supporting papers and what they mean for advisers and their clients. We supplement this with an appendix setting out the 2018/19 tax rates and allowances.
*Artists in order of appearance: Flaming Lips, Tom Waits, Ed Sheeran/Eva Cassidy, Small Faces, John Coltrane and Guns ‘N’ RosesClick here to download the Technical Connection Autumn Budget report
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