The Chancellor Philip Hammond presented his first Autumn Budget on Wednesday 22 November 2017.
His report set out a number of actions the government will take including support for more housebuilding. His view is that the economy continues to grow and continues to create more jobs.
The major attention-grabber was aimed at first time buyers who will not have to pay Stamp Duty Land Tax on homes costing up to £300,000.
Main budget tax proposals
increases to the personal allowance and basic rate band
- More tax relief for investment in certain Enterprise Investment companies
- Proposed changes to Entrepreneurs’ Relief
- Improvements to Research and Development tax credit regimes
- VAT limits frozen for two years
- Support for businesses to cope with the effects of business rates revaluation and the so called ‘staircase tax’.
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.
In addition, there is a brief reminder of the most significant changes on page one and a useful summary of the proposed tax rates and allowances for 2018/19, at the back of the summary.
A summary of this year’s Budget is now available here: Budget 2017 Summary.
In a change to the long-established budget timetable the Chancellor delivered the first Autumn Budget for 20 years. However, the Government reserves the right to make changes to fiscal policy at the Spring Statement if the economic circumstances require it. These changes could include amendments to tax rates and allowances.
The Spring Statement will take place in March 2018 and we will update you on pertinent announcements. Due to this change in timings we have not produced tax cards at this time, as the Chancellor will confirm the final rates and allowances for 2018/19 in the Spring Statement. We will let you have a copy of our tax card in March 2018, in time for the new tax year.
If you have any questions arising from the Autumn Budget, please contact us for advice.