On Wednesday 25 November the Chancellor George Osborne presented the first Autumn Statement of this Parliament along with the Spending Review.
Now, I’ve only ever found 20p down the back of my sofa, but Mr Osborne has managed to find an extra £27bn, which has enabled him to do, what many are describing as, a complete u-turn on his commitment to reduce tax credits for working families.
Apart from the many cuts announced for different sectors, it’s difficult to see where all the additional funding will come from as there were very few tax announcements made, unlike the raft of measures announced in this year’s Summer Budget, although much is reported to come from increased tax receipts from HMRC’s continued attack against avoidance and evasion.
In the Budgets in March and July, the government announced various proposals many of which have been subject to consultation with interested parties. Some of these proposals are summarised here together with the tax measures announced yesterday. Draft legislation relating to many of these areas will be published on 9 December and some of the details may change as a result.
Our summary also provides a reminder of other key developments which are to take place from April 2016. Click here to access the full summary.