The Case Of The Missing Budget

It’s been an eventful few years in British politics, but
2019 has been something else again with one jolt
after another.

The 29 March deadline for the UK to leave the EU
was extended to 31 October and then again until
31 January 2020. Boris Johnson replaced Theresa
May as Prime Minister and Sajid Javid succeeded
Philip Hammond as Chancellor of the Exchequer.
Javid was poised to deliver his first Budget on
6 November against a backdrop of constitutional
crisis but, in late October, it was cancelled as
Parliament voted in favour of holding the first
December general election since 1923.
With all eyes on Brexit, those with an interest in
fiscal policy were left bewildered: could this be
the first year without any Budget at all? After all,
the Spring Statement became a non-event on
Hammond’s watch.

That’s not the only question. For example, we know
there will be a Budget at some point, but when?
Will changes passed into law in the Finance Act
2019 and set to commence in April 2020 actually
happen when the new tax year gets under way?
The VAT reverse charge for construction services
has already been delayed, just a few weeks before
the original deadline. That’s now set to take effect
from 1 October 2020.

Off-payroll rules rolled out in the public sector in
2017, are due to hit the private sector in 2020 –
could that also be delayed? The calls are certainly
getting louder.

In this special bulletin, we’ve combined what we do
know for sure with informed analysis to suggest
how the next six months might pan out.
And so the roller coaster rolls on.

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