In an unexpected development – just 28 days before the Budget – Sajid Javid has stepped down. While no doubt there will be a host of rumours as to why and the (no doubt) complex politics behind it, it does raise a key question: will this change the shape and approach of the Budget?
There are rumours aplenty about the potential scaling back/reform/removal of entrepreneurs relief (and opportunity aplenty to maximise that before the Budget) but one does rather wonder what last minute changes a new Chancellor might make to make their mark.
It will be interesting to see who takes over the role, and we reiterate our hope that between them, the PM and the Chancellor (whoever that might be) takes the Budget as the golden opportunity it is – to say loud and clear the UK is open for business, is business friendly and a good place for wealthy people to live, invest and do and run businesses. We also reiterate our hope that the Chancellor (whoever that is) takes the opportunity to set out a commitment to a tax policy roadmap so that investors and longer term residents can have confidence in the stability of the UK tax system, which is essential if the UK is to convince business owners, entrepreneurs and investors as well as wealthy and internationally mobile individuals who choose the UK as their home, that it remains an attractive jurisdiction. A commitment to the non dom regime and to not scaling it back further would be a welcome step in that direction.