With George Osborne set to deliver a joint Autumn Statement and Spending Review tomorrow, the rumour mills are turning with what will be announced.
Whilst some assumptions are a little more obvious than others, there is still speculation as to what will be chopped and changed following on from the Summer Budget announcement.
Our Tax Manager, David Evans, gives us 5 predictions for what tomorrow’s Autumn Statement could include…
The Chancellor has already announced plans to devolve business rates away from central government. It is envisaged that local Government will be able to retain 100% of local taxes (e.g. business rates) by 2020. We are expecting more details tomorrow.
Business tax roadmap
The Government is planning to release details of the intended changes to the tax system throughout the course of this parliament in a “roadmap” similar to the Corporation Tax roadmap published in 2010. It will be interesting to see whether the Chancellor gives any more detail on this or whether we’ll have to wait for Budget 2016.
We’ve seen a lot of changes to pensions over recent years. Another consultation on pension reform finished in September so we may see some announcements on the results. Given the amount of recent change, it would be useful to have a period of stability for people to get to grips with the changes.
Benefits in kind
There has been a bit of commentary in the tax press about the possibility of removing the reporting requirements for trivial benefits. It has already been announced that dispensations are being scrapped so we could see further announcements around benefits & expenses. There has also been a consultation on travel & subsistence expenses for workers employed through intermediaries, so we could get more detail on this tomorrow.
Following the recent defeat in the House of Lords, George Osborne could use the Autumn Statement to new plans to change tax credits. After all, he does need to make the £12bn of savings by 2020 as announced pre-election.
What do you think will be included in the Autumn Statement? Tell us in the comments below or on social media…