“For the first time in years it appears the Chancellor has listened to the calls of everyone. Spreadsheet Phil has lived up to his name; no swinging changes to taxes, no tinkering at the edges of policy but just solid, if uninspiring, development,” says Tina Riches, national tax partner at Smith & Williamson, the accountancy, investment management and tax group.
“Individuals and businesses crave certainty within the tax system. Philip Hammond elected to keep Britain living within its means by not pushing forward with excessive spending following the additional money highlighted recently by the OBR.”
“‘Right Budget, right time, right Chancellor,’ echoed Philip Hammond in his Budget speech. Unlike Norman Lamont we don’t expect him to be fired within the next week. History will tell whether he’s the right Chancellor at the right time, however, his handling of the tax affairs as we are about to enter a new global future has been generally positive.”
“There were further changes that could have been made, the ongoing issues surrounding pensions have been left for another day, and Making Tax Digital should have been delayed further. Ultimately, we asked for a steady ship and Philip Hammond has provided that. Thank you, Chancellor.”
By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of writing.
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By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. This briefing does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of writing.
This article was previously published on Smith & Williamson prior to the launch of Evelyn Partners.