Below are excerpts from the Autumn Budget document following the Chancellor's statement to the House of Commons earlier today. The full response from Ufi Ibrahim, Chief Executive of the British Hospitality Association and the BHA policy overview can be found below.
Full budget address can be accessed here.
Excerpts from the Autumn Budget
"In light of the recent rise in inflation, over the next 5 years the government will provide a further £2.3 billion of support to businesses and improve the fairness of the system in England, by:
- bringing forward to 1 April 2018 the planned switch in indexation from RPI to the main measure of inflation (currently CPI)
- legislating retrospectively to address the so-called “staircase tax”. Affected businesses will be able to ask the Valuation Office Agency (VOA) to recalculate valuations so that bills are based on previous practice backdated to April 2010 – including those who lost Small Business Rate Relief as a result of the Court judgement. The government will publish draft legislation shortly
- continuing the £1,000 business rate discount for public houses with a rateable value of up to £100,000, subject to state aid limits for businesses with multiple properties, for one year from 1 April 2018
- increasing the frequency with which the VOA revalues non-domestic properties by moving to revaluations every three years following the next revaluation, currently due in 2022. To enable this, ratepayers will be required to provide regular information to the VOA on who is responsible for business rates and property characteristics including use and rent. The government will consult on the implementation of these changes in the spring."
"Early in 2018, the government will publish a call for evidence which will consider the impact of VAT and APD on tourism in Northern Ireland, to report at Budget 2018."
"The government will launch a call for evidence in 2018 seeking views on how the tax system or charges could reduce the amount of single-use plastics waste, building on the success of the existing plastic carrier bag charge."
"The government announced T levels at Spring Budget 2017. As implementation gets underway, the government will invest up to £20 million to help teachers prepare for this change."
"The government will continue to work with employers on how the apprenticeship levy can be spent so that the levy works effectively and flexibly for industry, and supports productivity across the country."
Freeze in Alcohol Duty:
"Duty rates on beer, cider, wine and spirits will be frozen."
"The government expects digital platforms to play a wider role in ensuring their users are compliant with the tax rules. The government will publish a call for evidence in spring 2018 to explore what more digital platforms can do to prevent non-compliance among their users."