We’ve reviewed the Autumn Budget delivered by the Chancellor and have put together a 5 minute summary on the major relevant developments.
VAT – Despite a number of rumours that the VAT threshold would be reduced, the chancellor has announced that the VAT
threshold will be frozen for two years. Therefore the VAT threshold will remain at £85,000
Property – A big change to boost the struggling property market was the removal of stamp duty for first time buyers of
properties up to £300,000. First time buyers buying property up to £500,000 will also benefit from no stamp duty on the first
Personal Tax – The personal tax allowance is increased from £11,500 to £11,850 with the higher rate band increasing from
£45,000 to £46,350 from 06 April 2018
Corporation Tax – will remain at 19% for the 2018/2019 year. This will reduce to 17% from 2020.
IR35 – further consultations will take place on IR35 in 2018
Capital Gains – As of 06 April the capital gains exemption amount increases to £11,700
No further changes to the dividend rate band which will be reduced to £2,000 from April 2018
NIC free weekly amount increases from £157 to £162 per week from April 2018
National Minimum wage increases to £7.83 per hour in April 2018
Lifetime pensions allowance increases to £1,030,000 for 2018/2019
For the full budget announcement you can read https://www.gov.uk/government/topical-events/autumn-budget-2017
As ever, please email us with any queries.