{"id":19036,"date":"2019-04-18T10:59:07","date_gmt":"2019-04-18T10:59:07","guid":{"rendered":"https:\/\/smh.group\/?p=19036"},"modified":"2023-02-15T13:50:29","modified_gmt":"2023-02-15T13:50:29","slug":"an-overshadowed-spring-statement","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/an-overshadowed-spring-statement\/","title":{"rendered":"An overshadowed Spring Statement"},"content":{"rendered":"

The Chancellor\u2019s Spring Statement was almost obscured by other events in mid-March. <\/strong><\/h2>\n

Ever since he announced a move to an Autumn Budget in 2016, Mr Hammond has made it clear that he wanted to avoid the Spring Statement counterpart becoming a mini-Budget. His vision was that in March he would be presenting a brief response to the latest forecasts from the Office for Budget Responsibility (OBR). As the Treasury website stressed, \u201cthere will now only be one major fiscal event each year\u201d.<\/p>\n

Nevertheless, it is unlikely that either the Treasury or the Chancellor wanted the Spring Statement to be an event that was completely overshadowed by other parliamentary business occurring on the same day, as it was by the votes on whether to rule out a no-deal Brexit. Ironically, the Chancellor made his statement on the assumption of \u201ca smooth and orderly exit from the EU\u201d.<\/p>\n

There were virtually no new tax initiatives in the Statement, although there were hints that a \u2018Deal Dividend\u2019 would help in \u201ckeeping taxes low\u201d as well as allow increased public expenditure. In the background papers published alongside the Statement, there were reminders that the tax screw continues to be tightened in some areas. For example, Mr Hammond promised a consultation paper putting flesh on two measures announced in the October Budget, designed to restrict two long-standing capital gains tax reliefs on residential property.<\/p>\n

The OBR\u2019s calculations explain why Mr Hammond did not mention fresh tax cuts, as opposed to maintaining low tax levels. In this new 2019\/20 financial year, government borrowing is projected to increase by \u00a36.5bn and to still be \u00a313.5bn by 2023\/24. Income tax and national insurance contribution receipts have been rising faster than expected and are the main reason why the OBR\u2019s overall finance figures looked rosier in March than last October.<\/p>\n

As has been the case for some years now, if you want to see your tax bill reduce, the starting point is not to wait for government action, but to review your personal opportunities for improved tax planning<\/strong><\/span><\/a>.<\/p>\n

Contact our Independent Financial Advisers on 0114 266 4432<\/strong> or info@smhca.co.uk<\/strong><\/span><\/a> to discuss your requirements in more detail.<\/p>\n

The value of tax reliefs depends on your individual circumstances. Tax laws can change. The Financial Conduct Authority does not regulate tax advice.\u00a0 <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The Chancellor\u2019s Spring Statement was almost obscured by other events in mid-March.<\/p>\n","protected":false},"author":4,"featured_media":18381,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[16],"tags":[183,180,190,257,19,14],"class_list":["post-19036","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-services","tag-brexit","tag-budget","tag-government","tag-spring-statement","tag-tax","tag-tax-planning"],"acf":[],"yoast_head":"\nAn overshadowed Spring Statement - SMH Group<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"An overshadowed Spring Statement - SMH Group\" \/>\n<meta property=\"og:description\" content=\"The Chancellor\u2019s Spring Statement was almost obscured by other events in mid-March.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/devstagesite.co.uk\/smhgroup\/an-overshadowed-spring-statement\/\" \/>\n<meta property=\"og:site_name\" content=\"SMH Group\" \/>\n<meta property=\"article:published_time\" content=\"2019-04-18T10:59:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-15T13:50:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2018\/11\/SMH-Chartered-Accountants-Budget-Summary-2018-1-3.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1748\" \/>\n\t<meta property=\"og:image:height\" content=\"1016\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Brendan Hall\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Brendan Hall\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/an-overshadowed-spring-statement\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/an-overshadowed-spring-statement\/\"},\"author\":{\"name\":\"Brendan Hall\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e\"},\"headline\":\"An overshadowed Spring Statement\",\"datePublished\":\"2019-04-18T10:59:07+00:00\",\"dateModified\":\"2023-02-15T13:50:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/an-overshadowed-spring-statement\/\"},\"wordCount\":384,\"image\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/an-overshadowed-spring-statement\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2018\/11\/SMH-Chartered-Accountants-Budget-Summary-2018-1-3.jpg\",\"keywords\":[\"Brexit\",\"budget\",\"Government\",\"Spring Statement\",\"tax\",\"tax planning\"],\"articleSection\":[\"SMH Financial Services\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/an-overshadowed-spring-statement\/\",\"url\":\"https:\/\/devstagesite.co.uk\/smhgroup\/an-overshadowed-spring-statement\/\",\"name\":\"An overshadowed Spring Statement - 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