Date of Autumn Budget announced and draft Finance Bill (No. 2) published

As always we’ve been keeping an eye on what’s happening in the Commons for anything of interest to our contractors and agency partners. Last week the date of the new Autumn Budget was announced and there was a second reading of the draft Finance Bill (No.2), enabling MPs to debate the proposals.

Autumn Budget – 22nd November 2017

Chancellor Philip Hammond has set the date for first Autumn Budget as 22nd November. It replaces the Autumn Statement we have been used to and will now be the main event in the fiscal calendar, replacing the annual Spring Budget.

The Autumn Budget is expected to be relatively low-key this year and the Chancellor is predicted to announce policies which will go down well with the electorate in the hope of clawing back voters in the wake of the General Election.
The Office of Budget Responsibility is legally obliged to deliver two fiscal forecasts a year, so there will now be a Spring Statement.

The Liquid Friday team will be live tweeting throughout Mr Hammond’s budget speech on Wednesday 22nd November. Follow us on Twitter

Draft Finance Bill (No.2) published

The Government has published the draft Finance BIll (No.2) of 2017 which had its second reading in the House of Commons last week. It covers legislation omitted from the slimmed-down Finance Act of April, which was cut down from 762 pages to 148 in order to get it passed in time for the dissolution of parliament prior to the election in May.

Key points

With most of the measures having been introduced in previous budgets, there are no major surprises. We have picked out the following points of interest:

    • Changes to prevent individuals using artificial schemes to avoid paying tax on their earnings
    • New penalties for the facilitation of tax avoidance schemes Click here for more on the Criminal Finances Act 2017
    • Making Tax Digital reporting for VAT (although the bill confirms this will not be in place before April 2019)
    • Reducing the dividend allowance from £5,000 to £2,000 from April 2018

Read the full Finance Bill (No. 2) here

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