{"id":18375,"date":"2018-10-18T16:07:32","date_gmt":"2018-10-18T15:07:32","guid":{"rendered":"https:\/\/smh.group\/?p=3540"},"modified":"2023-02-15T13:52:38","modified_gmt":"2023-02-15T13:52:38","slug":"trick-or-treat-chancellors-budget-set-for-late-october","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/trick-or-treat-chancellors-budget-set-for-late-october\/","title":{"rendered":"Trick or treat? Chancellors budget set for late October"},"content":{"rendered":"

The 2018 Budget has been set for Monday 29 October, setting a deadline for speculation\u00a0<\/strong>and proposals<\/strong>. Mr Hammond, however, has indicated that he won\u2019t end the long spell of austerity measures, despite improving public finances.<\/strong><\/p>\n

Proposals raised by think tanks and professional bodies include overhauls of income and inheritance tax, \u2018pension tax relief simplification\u2019, and scrapping entrepreneur\u2019s relief to help fund NHS costs.<\/p>\n

But every proposal is overshadowed by Brexit, and the uncertainty of what will happen on 29 March 2019.<\/p>\n

\nWhat\u2019s coming?<\/h3>\n

Alongside measures announced in the draft Finance Bill, the following areas could see change:<\/p>\n

The NHS<\/strong> \u2013 The NHS Foundations\u2019s ten-year plan will not be published in time for the Budget, so the Chancellor could be limited to general spending priorities. Mr Hammond said a digital services tax or \u2018Google tax\u2019 is coming \u2013 with or without European allies. This income could be dedicated to the NHS.<\/p>\n

Inheritance tax (IHT)<\/strong> \u2013 The IHT review from the Office of Tax Simplification (OTS) may be published ahead of the Budget. It was tasked to look at making IHT less complex, focusing especially on trusts, administrative issues and business and agricultural property reliefs. Calls for a complete overhaul in favour of a \u2018lifetime receipts\u2019, \u2018property\u2019 or \u2018wealth tax\u2019 seem unlikely from a Conservative government.<\/p>\n

Stamp duty<\/strong> \u2013 After introducing new reliefs for first-time buyers, focus has shifted to \u2018last time\u2019 buyers, with calls to incentivise older homeowners to downsize. The Prime Minister has also indicated that an additional 1-3% duty could be levied on foreign property buyers to help control rising house prices and tackle homelessness.<\/p>\n

Business<\/strong> \u2013 Business rates are due to increase next year, with business groups calling for action. The Chancellor\u2019s conference speech outlined changes to the apprenticeship levy to help build training and skills for SMEs, and appeared to boost commitment to the business sector.<\/p>\n

The environment<\/strong> \u2013 We are likely to see a dedicated plastics packaging tax. Initial reports indicated the costs would be borne by manufacturers rather than consumers. However, we may also see an increase to the plastic bag levy from 5p to 10p and roll out to all shops, not just firms with over 250 employees.<\/p>\n

In this most turbulent of times, facing pressure from many groups, perhaps the only clear thing is that Mr Hammond has an unusually tricky balancing act to pull off.<\/p>\n

Keep an eye out for our budget summary after the announcements have been made on 29th October.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The 2018 Budget has been set for Monday 29 October, setting a deadline for speculation\u00a0and proposals. Mr Hammond, however, has indicated that he won\u2019t end the long spell of austerity measures, despite improving public finances. Proposals raised by think tanks and professional bodies include overhauls of income and inheritance tax, \u2018pension tax relief simplification\u2019, and scrapping entrepreneur\u2019s relief to help fund NHS costs. But every proposal is overshadowed by Brexit, and the uncertainty of what will happen on 29 March 2019. What\u2019s coming? Alongside measures announced in the draft Finance Bill, the following areas could see change: The NHS \u2013 The NHS Foundations\u2019s ten-year plan will not be published in time for the Budget, so the Chancellor could be limited to general spending priorities. Mr Hammond said a digital services tax or \u2018Google tax\u2019 is coming \u2013 with or without European allies. This income could be dedicated to the NHS. Inheritance tax (IHT) \u2013 The IHT review from the Office of Tax Simplification (OTS) may be published ahead of the Budget. It was tasked to look at making IHT less complex, focusing especially on trusts, administrative issues and business and agricultural property reliefs. Calls for a complete overhaul in favour […]<\/p>\n","protected":false},"author":3,"featured_media":18379,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[3,4,16,23],"tags":[183,180,181,35,182,12,184,19],"class_list":["post-18375","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-smh-accounting-business-advisory","category-chartered-tax-advisers","category-financial-services","category-payroll-pensions","tag-brexit","tag-budget","tag-budget-2018","tag-business","tag-chancellor-of-the-exchequer","tag-iht","tag-stamp-duty","tag-tax"],"acf":[],"yoast_head":"\nTrick or treat? 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