Budget Hub 2018

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Autumn Budget First Thoughts

Business rates

From April 2018, increases in business rates will be pegged to CPI instead of RPI. 

Tax and NIC

  • SDLT abolished for first-time buyers of property up to £300,000. First-time buyer of property less than £500,000 will pay no SDLT on the first £300,000
  • Personal allowance to rise to £11,850 in April 2018 and threshold at which higher-rate tax is charged to increase to £46,350.
  • No benefit in kind for electric cars charged at work.
  • R&D tax credit raised to 12% for large company scheme.
  • VAT threshold for small business to remain at £85,000 for two years.
  • Freezing indexation allowance for Capital Gains Tax from January 2018.
  • Digital economy – from April 2019, income tax will be applied on royalties on UK sales paid to low-tax jurisdictions.
  • Government is also looking at a split VAT payment model to reduce online VAT fraud and improve VAT collection.

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