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want to know about future tax changes? Keep polishing your crystal ball!

13 September 2011

Earlier this week (6 September 2011) the chancellor, George Osborne, announced that he will make his autumn statement on 29 November 2011.

From 1997 to 2009 this statement took the form of a pre-Budget report – almost a “mini-Budget” -under which initial details of proposed changes to the tax regime were often released ahead of the main Spring Budget.

The government is currently under pressure to make tax cuts, with some arguing that the standard rate of VAT should be reduced and others pushing for the 50% “super rate” of income tax to be abolished.

However, in contrast to the pre-Budget reports, the Coalition’s autumn statements focus more on the economy’s current performance and respond to the Office for Budget Responsibility’s forecasts and so Mr Osborne is unlikely to be giving us a taster of the 2012 Spring Budget in November.

For now, therefore, speculation over future tax changes will continue. Watch this space…

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