Deloitte comments on Spring Statement: “government held true on previously announced tax rises”

Amanda Tickel, Head of Tax & Trade Policy for Deloitte UK, comments on today’s Spring Statement:

 “The Spring Statement held true to the commitment of no new tax rises. But the Chancellor did announce eight new consultations on how the tax system will be changed.

“While the government resisted further tax hikes, the focus shifted towards maximising existing revenue streams. A key element of this strategy is closing the tax gap, with a target of raising an additional £6.5 billion to £7.5 billion annually. This includes a newly identified £1 billion in potential revenue.

“The government's commitment to tackling tax avoidance is evident in the four new consultations addressing the tax gap. These consultations signal a tougher stance on non-compliance, with proposals including HMRC exploring using external data sources to identify discrepancies and improve tax collection.

“The Chancellor reconfirmed previously announced measures, including a new whistleblower scheme and streamlined customs processes. The proposals for advanced clearance for major projects and R&D relief offer some clarity although both are subject to consultation.

“The real story, however, is around £30 billion of previously announced tax increases landing next week. From national insurance and capital gains tax to business rates and stamp duty, the combined impact of these measures will be significant.”

Note to editors

Deloitte spokespeople

Deloitte has a range of spokespeople available to comment on today’s Statement. They can be reached on one of the following numbers: 
  
• Ian Stewart – chief economist (07774 337 581) 
• Amanda Tickel – head of tax policy (07887692978) 
• Rachel McEleney – personal tax (07920 270 964) 
• Ed Roddis – public sector (07785 682226) 
• Toby Price – stamp duty (07920 270 964) 
• Richard Bray – regions (07990 434703) 
• Mark Outtrim – business rates and freeports (07990 434703) 
• Gemma Harris – carried interest (07586 511104) 

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The information contained in this press release is correct at the time of going to press.

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