The Chancellor Philip Hammond presented his second Autumn Budget on Monday 29 October 2018. In his speech he stated that ‘austerity is coming to an end - but discipline will remain’. He also promised a ‘double deal dividend’ if the Brexit negotiations are successful but stated that there may be a full-scale Spring Budget in 2019 if not.
Our summary focuses on the tax measures which may affect you, your family and your business. To help you decipher what was said we have included our own comments. If you have any questions please contact us for advice.
Main Budget tax proposals
Our summary concentrates on the tax measures which include:
- increases to the personal allowance and basic rate band
- extending off-payroll working to medium/large organisations in the private sector
- a temporary increase to the Annual Investment Allowance
- freezing the VAT registration threshold for a further two years
- changes to Entrepreneurs’ Relief and private residence relief
- measures to tackle the plastic problem.
Previously announced measures include:
- increases in car benefits
- plans for Making Tax Digital for Business
- extending the charge to gains on non-UK residents of non-residential UK property.
Some Budget proposals may be subject to amendment in the 2019 Spring Statement and subsequent Finance Act. You should contact us before taking any action as a result of the contents of this summary.