We finally have it – Mr Hammond will deliver his Budget speech on Monday 29th October. This is quite a bit earlier than normal and on a Monday rather than in the middle of the week. The timing has been selected to avoid the last minute Brexit negotiations expected in November.
A Budget less than a month away may dismay individuals and businesses with transactions underway as there is always a risk that the tax rules affecting their transactions may change and it may not be possible to speed them along. As an example there has been comment that the Entrepreneurs’ Relief rules, and a 10% rate of Capital Gains Tax, could be amended or even abolished.
Mr Hammond has an unenviable task of delivering a Budget with some serious issues to address. Arguably, his three most important issues are:
- The current economic health of the country;
- The economic impact of the various Brexit permutations; and
- A need to keep the electorate happy, and his party in power, if there is a forced general election.
In light of the foregoing, it is nigh on impossible to give any predications for measures likely to feature as part of his speech. It might be easier to guess the number of times he will use the word ‘Brexit’ in his speech.
There is no doubt that the next few months will be very trying for Government ministers and their staff – I simply hope that the 29th will not be a manic Monday for us and our clients.