Our summary focuses on the tax measures which may affect you, your family and your business. If you have any questions please contact us for advice.
Many of the spending announcements had already been leaked to the Press prior to Budget Day and arguably a lot of it was not new money. The Chancellor did however manage to keep a few surprises back for Budget Day.
Main Budget tax proposals
- National living wage increased to £9.50 an hour
- No changes to Income tax rates and personal allowance frozen
- Some National Insurance thresholds are changing
- ‘Temporary’ £1 million annual investment allowance extended
- Business rates to be made ‘fairer’ and 50% discount for the retail and hospitality sector
- Changes to R&D tax relief
- New residential developer tax
- More time to report and pay CGT on residential property disposal
- Group relief for European Company losses to end
- Cultural tax reliefs doubled
- Pension tax relief unchanged
- individual savings account limits frozen again