Autumn Budget 2018 In his Budget speech yesterday Philip Hammond marked the ‘ending of austerity’.
It is fair to say that for a Budget that had prematurely been dubbed ‘more tricks than treats’, the Chancellor unveiled a series of measures that was more generous than anticipated. The headline writers will no doubt have been drawn towards the surprise early increase in the personal allowance and higher rate tax thresholds. There was also a welcome extension of first-time buyer relief on stamp duty for shared ownership purchases.
Of possibly greater significance is what wasn’t contained in yesterday’s statement. Speculation had been rife that the Chancellor might curtail higher rate pensions tax relief. Likewise, the planned cut in corporation tax to 17 per cent from April 2020 was also thought to be at risk. As it turned out, Mr Hammond left both untouched.
Entrepreneurs’ Relief continues to be a very valuable relief for business owners. Despite fears that the relief might be in danger of being withdrawn the Chancellor confirmed it will remain, although stricter conditions will be imposed in future in an attempt to limit its availability to genuine entrepreneurs.
Our top ten
As usual, we are pleased to outline our ‘Budget Top Ten’ – a summary of the main announcements we think will be of interest to clients and professional contacts alike. Please click the link below to view the document.
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