With the next general election scheduled for May 2015, Stephen Herring, senior tax partner at BDO expects the Chancellor to hold back on major announcements and focus on continuing to clamp down on the deficit.

‘I expect there will be some big announcements in next year’s Budget with the election coming up, but the only thing that stops me thinking that is the case, is that as we are getting closer to an election there is a chance that this year or next there will be massive reforms.’

Wh