Beware the Autumn Statement
This year’s Autumn Statement will be the Treasury’s first post-Brexit set piece. It will not be an easy exercise.
Before the referendum, the then Chancellor George Osborne warned that a Leave vote would be followed by an emergency Budget with £30bn of tax increases and spending cuts. After he found himself on the losing side, Mr Osborne abandoned not only his Budget plans but also his target to end fresh government borrowing by 2020.
Philip Hammond who has been appointed Chancellor will be facing at least some of the issues that prompted Mr Osborne’s original warning: the economy will be slowing and government finances will almost certainly be worsening as a result.
In such circumstances it is possible that the new Chancellor will introduce the pension tax reforms which were on Mr Osborne’s March agenda. It would be a quick way to raise some extra revenue.
The value of tax reliefs depends on your individual circumstances. Tax laws can change. The Financial Conduct Authority does not regulate tax advice. The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.
The information in this article does not constitute advice and should be used for informational purposes only. This content has been provided to Helm Godfrey by Taxbriefs.