Analysis of Treasury Announcements in the the 2019 Spring Statement

Last week we had the Spring Statement 2019 where the Chancellor provided the country with an update on the health of the economy.

Our Tax experts are enclosing a summary of the Chancellor’s Spring Statement and other recent tax changes for your attention.

Although the Statement does not include tax measures, a number of tax related consultations were announced, with the most relevant being:

• Consultation on implementation of new Structures and Buildings Allowance
• Call for evidence on simplification and improvement of VAT partial exemption regime and Capital Goods Scheme.

We will contact you again when the result of these consultations are known.

In addition, the Chancellor confirmed that the proposed changes to the operation of the Apprenticeship Levy that were announced at the Autumn Budget will now take effect from April 2019.  These changes include halving the co-investment rate for certain employers.

If you have any queries on these or any other tax matters, please contact our Tax Department.

Author: Michelle Malone