UK Autumn Budget 2017 – the Brexit Budget?

Nov 27, 2017

With the Brexit talks about to reach a critical point in the next few weeks, it might come as a surprise that the words Brexit and EU/Europe only featured a handful of times in the Chancellor’s second Budget speech. Despite allocating an additional £3 billion over the next two years for Brexit preparations, there were no specific Brexit measures or plans announced. Once again, the Chancellor’s approach seems to be not to rock the boat too much given the slower GDP growth predictions announced by the OBR.

There were arguably two tax headline items - the reintroduction of a Stamp Duty Land Tax relief for first time buyers and tax measures aimed at digital taxation which the media are calling the “Google tax”. That’s also the name given to the diverted profits tax (“DPT”) introduced in 2015? It’ll be interesting to see how the proposed new measures differ to the DPT. 

The Budget documents published last week include details of changes previously announced; this analysis focuses mainly on new announcements.  And whilst the Budget documents were much shorter than usual, tax anoraks like us in the Institute’s tax department still found plenty of items worthy of note.