029 2081 4114 LinkedIn

Autumn Budget Statement 2017

On Wednesday 22 November 2017 Philip Hammond delivered the first Autumn Budget speech for 20 years.

Key changes for the forthcoming 2018/19 tax year include:

  • The income tax personal allowance will rise to £11,850.
  • The higher rate tax threshold will rise to £46,350.
  • Junior ISA and child trust fund limits will rise to £4,260, although other ISA limits are unchanged.
  • The pension lifetime allowance will rise to £1.03 million.
  • The VAT registration threshold will be frozen at £85,000 for 2018/19.
  • The company car benefit in kind charges have been increased – notably for diesel car drivers.
  • Capital allowances for R&D expenditure will rise from 11% to 12%.
  • First time buyers in England, Wales and Northern Ireland will pay no stamp duty land tax on for the first £300,000 of the purchase price of their home, as long as the consideration is no more than £500,000. Above £300,000, they will pay the normal rates of SDLT (this will change in Wales from April 2018 due to the new Land Transaction Tax).

 

 

Useful Links
Sign up to our newsletter

For all the latest news and deals, join our mailing list below: