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Autumn Report

Autumn Statement 2017

The Autumn Budget was on Wednesday 22nd November 2017 and the main tax changes are:

  • The Personal Allowance will be increased to £11,850 for 2018/19 (from £11,500)
  • The Higher Rate 40% band will start from £46,350 for 2018/19 (from £45,000)
  • VAT limits frozen for 2 years
  • Dividend allowance to be reduced to £2,000 for 2018/19
  • CGT annual exemption to be increased to £11,700 from £11,300

Key Announcements

Stamp Duty (SDLT) removed for First Time Buyers

The relief works as follows:

  • consideration < £300,000 then no SDLT
  • consideration >= £300,001 and <= £500,000 then no SDLT of first £300,000 and 5% SDLT on the balance
  • consideration > £500,000 then no relief

The relief applies to transactions on or after 22nd November 2017

A first time buyer is ‘an individual or individuals who have never owned an interest in a residential property in the UK or anywhere else in the world and who intends to occupy the property as their main residence’

Business Rates and the ‘StaircaseTax’

£2.3 billion of support has been announced.

  • Indexation is being switched from RPI to CPI
  • Retrospective legislation will address ‘staircase tax’ and affected businesses will be able to ask the valuations office to recalculate valuations
  • Pubs will continue to get £1,000 discount up to a rateable value of £100,000
  • VOA will revalue every 3 years

 

An extra £3 billion to prepare for Brexit over the next two years

The money will make sure the government is ready on day 1 of exit. It will include funding to prepare the border, the future immigration system and new trade relationships.

£6.3 billion of new funding for the NHS

£3.5 billion will be invested in upgrading NHS buildings and improving care.

£2.8 billion will go towards improving A&E performance, reducing waiting times for patients, and treating more people this winter.

Economic Forecast

The Office for Budget Responsibility slashed its 2017 growth forecast from 2% to 1.5%.

Output, it added, would be weaker than previously thought in each of the subsequent four years.

Disclaimer:

The information contained in this website is for general information purposes only. The information is provided by Adv Accountancy and while we endeavour to keep the information up to date and correct...
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Company Info:

A D V ACCOUNTANCY LIMITED
19 CLOS Y CARW
WOODGLADE LLANTWIT FARDRE
LLANTWIT FARDRE
R.C.T.
CF38 2BP
Registered in England and Wales.
Registration Number: 06792769

Contact Info:

Phone: 07791 630 242
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
tina.jenkins@advaccountancy.co.uk
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