The Chancellor Rachel Reeves delivered her Spring Statement on Wednesday 26 March. Please click on the link below to download GMcG’s detailed Summary publication.
As the Chancellor had previously stated she would move to only one annual ‘fiscal event’, yesterday’s Spring Statement contained no significant new tax-related measures.
As well as some tax administration measures, the Spring Statement contained the following points:
- VAT late payment penalties – rates to be increased from April 2025
- Making Tax Digital – expanding on the regime starting in April 2026, MTD will apply to businesses with turnover exceeding £20,000 from April 2028
Our Summary examines forthcoming tax-related changes which were announced previously, with insight and analysis on how businesses, individuals and households may be impacted.
If you would like more information on how you may be affected by any of the measures, please contact any member of our Tax Team or your usual GMcG adviser who will be happy to help.
As many of the measures discussed in our Summary publication are subject to final legislation, the details may change during the legislative process and should therefore be kept under review including the applicability to NI, where relevant.
