Budget Day is nearly here

Mar 01, 2021

In what has become an eagerly awaited Budget and a true balancing act for the Chancellor Rishi Sunak, the Budget takes place this week on Wednesday 3 March with the Chancellor expected to take the podium in the House of Commons at 12.30. Read our summary analysis of Budget 2021 in this Friday’s Chartered Accountants News with more detailed analysis in next Monday’s Chartered Accountants Tax News. A special Budget 2021 newsletter will also issue to members in NI and the UK on Wednesday afternoon.

In a change to the usual timing, the Government has announced it will publish a number of tax-related consultations and calls for evidence at the end of March and not on Budget day. HM Treasury has announced their intention to lay a Command Paper, “Tax policies and consultations (Spring 2021)”, before the House of Commons on Tuesday 23 March which will contain further announcements relating to tax policy. Announcements which have fiscal implications, and measures to be legislated in the Finance Bill, will be made on Budget day in the normal way.

However, according to the announcement, there is a case for announcing consultations separately from the Budget, where those consultations do not have to be published on Budget Day.

The Command Paper will include a number of consultations, most of which will be published on the same day. Several of these consultations are an important part of the Government’s 10-year tax administration strategy, ‘Building a trusted, modern tax administration system’, which was published in the summer of last year. Some documents which are announced in the Budget and which the Government would usually have published alongside the Finance Bill, will also be published on this day.