Plus: how higher earners can avoid a surprise tax bill on their savings
| Wednesday, March 20, 2019 |
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Telegraph Money | | The week's most important personal finance news, analysis and expert advice, from pensions and property to investment ideas and savings tips. |
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The Telegraph take | | By Sophie Christie personal finance reporter |
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| As expected, Philip Hammond's Spring Statement last week was a damp squib. There were minimal policy announcements or new spending initiatives – unsurprising given the Chancellor was keen not to create more difficulties for the Government as it struggles to finalise a Brexit deal.
Head of Telegraph Money Marc Sidwell called the economic update "boring in all the wrong ways". He said, "Where there were projections, Brexit uncertainty rendered them pointless. Where tax policy was in urgent need of action, there was silence. Where change was announced, it was trivial."
Mr Hammond did, however, reaffirm plans to press on with the Government's widely-criticised tax reporting changes for VAT-registered businesses, although he has postponed introducing similar reforms for income tax.
From April 1, the vast majority of small businesses with a turnover over the 85,000 VAT threshold will be required to submit quarterly returns online using specialist software.
Mr Hammond also announced that the Government would soon publish rules to ensure Child Trust Funds maintain their tax-free status after maturity. Until now it had been unclear what would happen to the fund after the child's 18th birthday. |
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