UK Budget Announcements

As the UK Economy Changes and Evolves, So Does the UK Taxation Policy

Since 2018, Treasury standard practice involves the UK Chancellor delivering two fiscal statements a year, which are usually accompanied by the OBR’s economic and fiscal outlooks. These statements can affect the personal circumstance for both non-UK and UK residents.

The Budget would be in the autumn, and a shorter, minor statement on the economy would take place in the spring – known as the Spring Statement. This system was devised to avoid having two major fiscal events in a single tax year, and to give Parliament and others more time to scrutinise draft legislation.

However, because of several reasons (such as the timing of the 2019 General Election and the Covid-19 pandemic) successive fiscal statements between 2020 and 2022 have not necessarily matched standard practice.