Following on from the Spring Statement delivered by Rachel Reeves yesterday, we wanted to quickly highlight some elements that might particularly interest you.

Firstly, some good news: no new tax rises were announced. Instead, the statement focused on spending cuts particularly in the area of welfare and government costs.

In terms of our clients, the cut in growth forecasts for the UK economy this year from 2% to 1% could be a point of concern. However, under advice from the Office of Budget Responsibility (OBR), the Chancellor has upgraded growth forecasts for the next four years stating that the economy should be larger by the end of the forecast period than stated in the 2024 Autumn Budget.

Another area that may be of interest from the Statement was the Chancellor’s pledge to invest in tax enforcement. In particular she promised to hire 400 more HMRC staff to address taxation of offshore accounts.

So, how can we help?

At LSR, we want to help you to manage your financial and taxation affairs as effectively and efficiently as possible. We also want to help you to make sure that you are not at risk from unnecessary tax penalties or fines.

If you are concerned about the economy growth forecasts and how they might impact your wealth portfolio or decisions you might make about future income or investments, or if you have, or intend to have, an offshore account and need to check that you have made the correct declarations and are making the correct tax payments, then please get in touch.

Our area of expertise is UK taxation and we can help you understand how these changes or potential changes could impact you.

If you have any questions about any other aspects of the Spring Statement or any other taxation concerns, then please contact us. We would like to help you have peace of mind about your financial affairs and know that you are paying the right tax in the right place at the right time.g to do so could result in double taxation — a situation you definitely want to avoid.

UK tax clarity for global clients - Pay the right tax in the right place at the right time.

Any questions?