Shorter Reads

Spring Budget Statement 2022

The Chancellor has pledged to cut the basic rate of income tax by the next general election in 2024. This announcement was not anticipated beforehand. Tax & estate planning Partner, James Austen, comments on this and the so-called “Tax plan” outlined:

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Published 23 March 2022

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  • Private Wealth
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  • Tax & Estate Planning

“To my mind, the potentially more important announcement was that of the so-called “Tax Plan*”: tax professionals have been asking the Treasury for this for years. Unfortunately, rather in common with the precipitate “income tax cut” announcement, the Tax Plan actually published today is really nothing of the sort: apart from the sections on today’s announcements, it is mostly a loose wish-list of broadly-described aspirations, with none of the intellectual or fiscal clarity one would hope to see. That is a real missed opportunity.

It is possible that the Chancellor made this announcement before the document itself was ready for publication. In which case, the Treasury will hopefully be working on a new version of the Tax Plan between now and the Autumn Budget Statement, and that the document published then will better reflect what the Chancellor announced today. In particular, the Tax Plan should include clear and precise statements about Government plans for the future trajectory of tax policy, with appropriate periods for consultation before changes are implemented.

Most importantly, there should be no more unwelcome and disruptive changes to tax legislation without prior notice.”

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Shorter Reads

Spring Budget Statement 2022

The Chancellor has pledged to cut the basic rate of income tax by the next general election in 2024. This announcement was not anticipated beforehand. Tax & estate planning Partner, James Austen, comments on this and the so-called “Tax plan” outlined:

Published 23 March 2022

Associated sectors / services

  • Tax & Estate Planning

Authors

“To my mind, the potentially more important announcement was that of the so-called “Tax Plan*”: tax professionals have been asking the Treasury for this for years. Unfortunately, rather in common with the precipitate “income tax cut” announcement, the Tax Plan actually published today is really nothing of the sort: apart from the sections on today’s announcements, it is mostly a loose wish-list of broadly-described aspirations, with none of the intellectual or fiscal clarity one would hope to see. That is a real missed opportunity.

It is possible that the Chancellor made this announcement before the document itself was ready for publication. In which case, the Treasury will hopefully be working on a new version of the Tax Plan between now and the Autumn Budget Statement, and that the document published then will better reflect what the Chancellor announced today. In particular, the Tax Plan should include clear and precise statements about Government plans for the future trajectory of tax policy, with appropriate periods for consultation before changes are implemented.

Most importantly, there should be no more unwelcome and disruptive changes to tax legislation without prior notice.”

Associated sectors / services

  • Tax & Estate Planning

Authors

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