We have pleasure in attaching our summary of the key announcements in the Autumn Budget 2018.
The Chancellor has laid out details signalling the end to austerity in a statement delivered between key meetings in the Brexit negotiations. Expectation leading up to the Budget had been for tax rises, however the headline changes announced included some good news for taxpayers and businesses. The highlights include:
- The personal allowance will be raised to £12,500 from April 2019, with the higher rate threshold increasing to £50,000.
- The annual investment allowance (AIA) will increase to £1 million between 1 January 2019 and 31 December 2020.
- There will be a new 2% capital allowance rate for new non-residential buildings and structures.
- Changes to the qualifying conditions for entrepreneurs’ relief.
- VAT registration threshold has been frozen at £85,000 for another 2 years, key for MTD.
- Lifetime allowance for pensions will increase to £1.055 million for 2019/20.
- From April 2020, lettings relief will only apply under shared ownership.
We trust that you find the enclosed Budget Summary useful and that it is a helpful basis for a discussion with us about your financial future.