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

Key Highlights:

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.

For the full Budget report, see our website