The Chancellor was under pressure as he stepped up to the despatch box, needing to deliver a budget that appeased sceptical colleagues, voters and the business community. He certainly made plenty of promises – to meet challenges head on, to help families with the cost of living, to create a prosperous and inclusive economy, to ensure that everyone has the opportunity to shine, and to make the dream of home ownership a reality.
First-time buyers will be happy with a reduction in Stamp Duty Land Tax and other younger voters will like the promise of reduced train fares for longer. The older generation who were expecting to foot the bill to fund giveaways to the younger generation will be pleased that there were no specific measures to rebalance wealth as feared, and no changes to pensions.
The continued focus on fiscal responsibility, combined with newly announced targeted investment, will also have allayed various fears around the country even though growth forecasts have been downgraded in anticipation of the impact of Brexit.
Our analysis of the detailed tax measures will be found through the various links. Many of the announcements will be considered ‘tweaks’, but one notable exception concerns the government’s plan to bring non-UK resident individuals and companies within the scope of UK tax on future gains made on all UK property, which was the surprise announcement of the Budget.
Visit our tax calculator page for information at your fingertips.