HM Treasury has confirmed that going forward the Autumn Budget will be the primary fiscal event, supported by a Spring Statement. Next year the Spring Statement will be on 13 March followed by a release of draft Finance Bill clauses before the summer break.

The Government has also published ‘The new Budget timetable and the tax policy making process’, a policy paper setting out how the move to a single fiscal event will impact tax policy making and the consultation process. The paper notes that the Government’s intention is to ensure that tax changes are announced well in advance of the tax years in which they take effect, which should give more time for the scrutiny of tax legislation and allow the Government to consult with stakeholders at earlier stages of tax policy making.

The document sets out further information on two areas; tax policy making principles and consultation timetables. From 2019, Finance Bills should reach Royal Assent before the start of the following tax year, to ensure enough time is allowed for Parliamentary scrutiny.