Budget day, (October 29th) will soon be upon us and the Chancellor, Philip Hammonds 2018 budget will be difficult with Brexit looming, plus additional funding is promised for the NHS.
What should we expect? Well it is all guesswork but perhaps a little tinkering to Pension Tax relief, as it has been seen by many commentators to be a generous relief which benefits the better off in society, plus the lifetime allowance for pension pots maybe reduced as well.
The personal allowance thresholds maybe amended, it normally is. We wouldn’t expect the NI changes in the previous budget to be put back on the table, due to the Political problems it created last time.
Are we expecting IR35 reform at Budget 2018? The current Government is having a busy and difficult time with Brexit and also with being a minority Government it relies on the support of the DUP to get its measures through parliament.
IR35 reform, by any definition, is a controversial subject, and it is expected to be given a wide berth in this budget to avoid any difficult situation or climb downs. It is expected any IR35 changes will be delayed until any Brexit affect can be quantified but who knows.
We will keep you updated as and when we know more.