Chancellor of the Exchequer Philip Hammond delivered his first Budget speech today (Wednesday, March 8, 2017).
It was also the final spring Budget as Mr Hammond announced in last November’s Autumn Statement a rescheduling of the two major fiscal-related announcements of the Parliamentary year.
Starting in the autumn, Britain will have an Autumn Budget announcing tax changes “well in advance of the start of the tax year”. From 2018 there will be a Spring Statement, responding to the forecast from the Office of Budget Responsibility, but no major fiscal event.
As a result, with today’s Budget coming just four months after the Autumn Statement it has been viewed as a “transitional Budget” with no dramatic or radical announcements.
Indeed many tax measures, including those relating to company car benefit-in-kind tax to the end of 2020/21, Vehicle Excise Duty for cars first registered from April 1, 2017, capital allowances, car fuel benefit charge, van benefit charge, van fuel benefit charge and Insurance Premium Tax had been previously announced.
Below we highlight those measures previously announced, alongside other tax changes and spending plans published in the Budget papers and impacting on the company car and van sector and wider motor industry.