Hammond hails economic "turning point"
Philip Hammond has used his Spring Statement to set out a series of consultations on future policies, including a deeper look at how tech giants such as Google and Facebook are taxed. The Treasury will also consider forcing online platforms such as Airbnb to provide details of users’ income directly to HMRC, while large cash payments to tradesmen could be banned in a crackdown on the black economy. A consultation on extending current training tax relief to self-employed people and employees was also announced. Mr Hammond revealed that the next revaluation for business rates is being brought forward to 2021, after which the government will move to revaluations every three years. The move was welcomed by small business groups, along with indications that the government will take action on the culture of late payment. The chancellor told MPs growth was forecast to be 1.5% this year, up from 1.4% forecast by the OBR in November. He said the figures showed the UK economy had reached a turning point and there was "light at the end of the tunnel".
Source: Financial Times (13/03/2018)