On 13 March 2018, the Chancellor delivered the first Spring Statement (under the new approach of having a single fiscal event – or Budget – in the Autumn).

As expected, the Chancellor’s statement included no substantive tax measures. However, a number of consultations were announced and other tax-related documents were published, including:

• A paper setting out the government’s views on the challenges for the corporate tax system posed by the digital economy (together with potential solutions). See here.

• A “call for evidence” on the VAT registration threshold (ie whether the current £85k threshold for compulsory registration disincentivises growth for small businesses). See here.

• A consultation on allowing claims for entrepreneurs’ relief in respect of gains made before a shareholding is diluted below the 5% threshold. As proposed, this would only be possible where the dilution occurs as a result of the raising of new capital for use in the business. It is proposed that this change would take effect for qualifying dilutions from 6 April 2019. See here