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Budget day 2017. The headlines.

22nd November 2017

Budget day 2017. The headlines.

Susheel Gupta, Head of our Corporate Tax team has been following developments in today's budget statement in order to provide a brief 'at a glance' overview of some of the main headlines.

As always, the devil will be in the detail so there may well be more to follow from Susheel and the rest of the team.  

For individuals

  • the income tax personal allowance will increase to £11,850 from April 2018 
  • the higher rate tax threshold will increase to £46,350 from April 2018 
  • with effect from today (21.11.17) stamp duty will be abolished for all first time buyers on properties up to £300,000, and on the first £300,000 for properties up to £500,000
  • EIS investment limits will double for knowledge intensive investments
  • fromApril 2018 charging electric vehicles at work will not be a benefit in kind
  • the diesel supplement on company cars is to increase by 1% 
  • the National Living wage will rise from £7.50 to £7.83 from April 2018 
  • there will be an increase, for all ages, to the National Minimum Wage from April 2018 
  • a package of measures will be introduced to address concerns over the delivery of universal credits

Business Tax   

  • Indexation allowance on capital gains for companies will be frozen at January 2018 
  • research and development tax credits will increase to 12% 
  • the VAT threshold is to remain at its current level of £85,000 for the next two years 
  • all online market places will become jointly liable with sellers for VAT 
  • the planned uprating switch for business rates from RPI to CPI will be brought forward by two years to April 2018 
  • local authorities will be given powers to charge a 100% premium on council tax on empty properties 
  • a further package of measures will be introduced to tackle tax avoidance and evasion 
  • from April 2018 income tax will be applied to royalties payable to low tax jurisdictions relating to digital retail sales in the UK

Duties and Miscellaneous   

  • VED on polluting diesels will increase from April 2018 
  • the planned fuel duty rise has been cancelled 
  • tobacco duty will increase by inflation plus 2% as planned 
  • wine, beer and spirits duties will be frozen

 

Other news

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