Yesterday it was announced that the Chancellor will proceed with his first ever Autumn Budget on 29 October 2018. But why should that matter to you?
Well, it is notable for two reasons:
Clear the diary
Firstly, it is the first time in decades that we have had a single fiscal event.
Rather than an Autumn Statement, followed by a Budget immediately preceding the tax year, we now have only one date to remember.
It means more time for taxpayers and advisers to consider the new rules before they take effect. This is good news, giving us more time to plan and adapt to changes.
The Clock is Ticking
Secondly, the early date means that the Chancellor has only 4 weeks to prepare for the Budget!
It is not a lot of time to undertake such an important task. But, in light of other political developments, it seems the Budget has had to take a backseat. The earlier date has been chosen to clear the way for Brexit talks.
What Can We Expect?
Given the shortened preparation time, and the government’s clear focus on other areas, it seems reasonable to expect that we are likely to see little by way of substantive tax changes this time around.
Although this seems the most likely prediction, it could still be way off the mark.
The Chancellor may surprise, instead seeking to use the Budget to offer a response to calls for more radical change from a emboldened Jeremy Corbyn, as heard at the recent Labour party conference.
So which will it be?
In truth it could be either. And in the modern era, it seems that political predictions are quickly becoming a fools errand.
One thing is for sure: we won’t have to wait long until we know for certain.
