The Chancellor has delivered his first Autumn Budget, which was surprisingly light on tax changes. Here are the key points that we noted:
• Despite much speculation, there will be no change to the current VAT threshold, which will be frozen for two years from April 2018. There will be further consultation on the design of the future VAT threshold.
• There will be no stamp duty land tax charge for first time buyers purchasing homes costing up to £300,000, effective from today 22nd November.
• The phased reduction in corporation tax will continue, reducing to 17% from 1 April 2020, but indexation allowance (adjustment for movement in RPI) available to companies making capital gains will be frozen at 31 December 2017.
• The personal allowance for income tax purposes will increase to £11,850 from £11,500 and the higher rate tax threshold will rise to £46,350 from £45,000 from 6 April 2018. National living wage will also rise from £7.50 per hour to £7.83 as planned.
Finally, no Budget would be complete without the usual attack on perceived tax avoidance, a further £4.8 billion is to be raised by 2022/23. We await further detail with anticipation!
For more information, please contact Lesley Sutton on 01484 550037 or email firstname.lastname@example.org