Herring: end of Autumn Statement signals tax change for business

The abolition of the Autumn Statement and shift of the Budget to the third quarter of the year will reduce churn in the tax code, says the Institute of Directors' head of taxation Stephen Herring

The most surprising announcement in the Chancellor’s Autumn Statement 2016 is the move to a single fiscal event in Autumn each year. This has the advantage that there will be a few more months to fine-tune the tax reforms before their enactment than has been available for measures announced in a Spring Budget and enacted in July

Whether the present Chancellor or his successors keep to this is anyone’s guess as Chancellors invariable like to announce tax measures which might be popular at the first opportunity. It would be foolish to assume that the proposed Spring economic updates will be ‘tax measures free’ but if somewhat fewer measures are enacted with inadequate time for scrutiny, we should be grateful to him.

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