For many there is no doubt that very welcome relief would be derived from the announcement that the severe cuts to tax credits considered vital only a few weeks ago will no longer be required. Once again though it does bring into focus the reliability of the OBR (Office of Budget Responsibility) who have in the space of only a few months found that their calculations were wrong to the tune of £27 billion and if so, how much reliance should be placed on them still being correct by the time of the Budget next March?
Chancellor George Osborne earlier today presented the 2015 Autumn Statement. Surprisingly he talked about tax for less than a minute. Even what has followed in the documents released after his speech has not produced much of any significance in relation to tax. Unlike previous years there has been no midnight deadline to beat for transactions that have been perceived to comprise aggressive tax avoidance.