Archive - publications in 2018

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News Item - Autumn Statement - October 2018 

 

A brief summary of the Chancellor's Autumn Statement on Monday 29th October 2018:
 

  • There is an increase in the personal allowance from tax year 2019-2020 to £ 12,500

  • Also an increase in the higher rate threshold to £ 50,000 (except Scotland, where applies only to savings and dividend income) (No change for 2020/2021 then linked to CPI).

  • A small increase in the lifetime pension allowance, up to £1.055m from £1.03m in 2019/2020 (no changes to the annual pensions allowance).

  • The annual investment allowance increases to £1m for all qualifying expenditure on plant and machinery made bewteen 1st Januray 2019 and 31st December 2020.

  • From April 2019 for 2 years business rates on retail properties with a rateable value below £51,000 will be reduced by one third.

  • The conditions for the minimum period on qualifying entrepreneurs' relief will be extended from 12 to 24 months, as from 6th April 2019.

  • The proposed test for occupancy rent-a-room relief has been scrapped, leaving the existing ones continuing to apply.

  • As from 6th April 2010, the final period capital gains tax exemption for owner occupied residential property will be reduced, down from 18 to 9 months.

 

Please note that the above report is only our brief interpretation and understanding of the Government's budget proposals for the 2018 Autumn Statement, delivered to Parliament by Philip Hammond on Monday 29th October 2018. These provisions are normally confirmed upon the receipt of Royal Assent later in the year. Jonathan Davis. and his associates cannot be held responsible for any errors, omissions or changes to the above.

News Item - Spring Statement - March 2018 

 

A brief summary of the Chancellor's Spring Statement on Wednesday 13th March 2018:
 

  • Economy -  CPI forecast to fall by 1% down to 2% by end of this year

  •               -  Growth forecasts for both 2019 and 2020 remain at 1.3%

  •               -  However, growth for 2018, revised up by 0.1% to 1.5%

  •               -  Wages growth predicted to rise at faster pace than CPI over next 5 years

  • Tax         -  Consultation on new VAT collection method on online sales

  •                - New ideas for taxing multinationals by fairer means

  • ​               - Consultation for extending tax relief on training to both self- & employed​

  •                - Estimated 60,000 first time buyers benefit from November stamp duty holiday

  •                - Consultation for reducing tax on least polluting vans

  •                - Consultation for tax incentives to reduce use of single use plastic cups, etc

  •                - £ 20 m for research by commerce & universities to reduce plastics impact

  • Business   - £ 95 m to 13 areas for roll-out of full-fibre broadband

  •                - English cities invited to bid for balance £ 840 m regional transport fund

  •                - Next business rates revaluation brought forward from 2022 to 2021

  •                - Consultation on cash in the economy; future of £ 50 note, 1 & 2 p coins

  • Spending  - The National Living wage confirmed to rise to £ 7.83 per hour in April

  •                 - Housing Growth Partnership budget massively increased to £ 220 m

  •                 - London to receive £ 1.67 bn to build extra 27 K affordable homes by 2022

  • Brexit        - Government to allow £ 1.5 bn to relevant departments before March 2019

 

Please note that the above report is only our brief interpretation and understanding of the Government's budget proposals for the 2018 Spring Statement, delivered to Parliament by Philip Hammond on Wednesday 13th March 2018. These provisions are normally confirmed upon the receipt of Royal Assent later in the year. Jonathan Davis. and his associates cannot be held responsible for any errors, omissions or changes to the above.