What to expect from the first post-Brexit Budget

The Chancellor has announced the first post-Brexit Budget will take place on 6th November, so what tax adjustments can we expect?  

UPDATE: The Chancellor has cancelled the Budget to make way for a general election. A new date for the Budget has not been set, but realistically it is unlikely to happen until mid-December based on the government’s current plans.

Announcement. Sajid Javid said: This will be the first Budget after leaving the EU. I will be setting out our plan to shape the economy for the future and triggering the start of our infrastructure revolution”.

The Chancellor, is committed to increasing public spending and restoring the economy, so tax changes are planned. Corporation tax rates are already set to reduce to 17% from April 2020.

Earlier this year, The Office of Tax Simplification published two reports on inheritance tax, at the request of the previous Chancellor, Phillip Hammond. The reports recommended acts such as reducing the period for gifts to escape inheritance tax from seven years to five.

However, at the Conservative party conference earlier this month, Javid expressed that he is against inheritance tax and that changes are being considered. This has led the press to speculate about radical changes to the inheritance tax system, such as scrapping the tax altogether.

What happens in the event of “no deal”? 

If Britain leaves the EU on 31st October without a deal, emergency measures will be announced but the full Budget will be delayed by a number of weeks.  

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