Autumn Budget 2017 Summary
Chancellor Philip Hammond said he'd take a "balanced approach" to his second Budget of 2017.
This is our summary of the key announcements made during the Autumn Budget 2017. Click here for our full report
For Individuals - see here for more information
The tax-free personal allowance will increase to £11,850 from 6 April 2018. The higher rate threshold will rise to £46,350 (from £45,000 currently).
The CGT annual exemption will increase to £11,700 from April 2018.
The abolition of class 2 NICs will be delayed a year and will take effect from April 2019.
The national living wage will increase to £7.83 per hour from April 2018 for those over 25.
The pension lifetime allowance will increase to £1.03 million for the 2018/19 tax year.
From September 2017, working parents with 3 and 4 year old children will have their tax-free childcare allowance doubled to 30 hours a week.
For Property Owners
The 30 day payment window for CGT payments due on residential property will be deferred until April 2020.
Landlords running an incorporated letting business will be able to use mileage rates to claim motoring expenses from April 2017.
No stamp duty land tax for first-time buyers up to £300,000. A 5% rate applies between £300,000 and £500,000.
For Business - see here for more information
The main corporation tax rate will remain at 19% from 1 April 2018.
The VAT registration threshold to remain at £85,000 until March 2020.
From 1 January 2018, the rate of R&D tax relief will increase from 11% to 12%.
The annual investment allowance (AIA) will remain at £200,000 for 2018/19 and 2019/20 on certain capital expenditure.
Indexation Allowance will only be calculated on disposals of company chargeable gains up to December 2017.
Disincorporation relief will not be extended beyond the current expiry date of 31 March 2018.
FUSE is an independent Chartered Certified firm of accountants and tax advisors based in Highgate Village, North London. We provide a dynamic range of services to clients working in property, media, entertainment and professional services. Our clients vary in size from self employed sole traders, small enterprises and medium size businesses. We believe that comprehensive financial planning and sound business financial advice are the keys to growth and profitability.