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22nd November 2017

Summary of the 2017 Autumn Budget

Filed Under: Tax, Accounting, Business News, VAT


Personal Tax

  • Personal Allowance to rise to £11,850 from 6 April 2018.
  • Higher rate tax threshold to increase to £46,350.

Business

  • VAT threshold for small business to remain at £85,000 for two years.
  • Rises in business rates to be pegged to CPI measure of inflation.
  • National Living Wage to rise in April 2018 to £7.83 (from £7.50).
  • The indexation allowances used to calculate the chargeable gain on disposals made incorporated business will be frozen.

Motoring and Travel

  • Fuel duty rise for petrol and diesel cars scheduled for April 2018 to be scrapped.
  • Vehicle excise duty for diesel cars (not vans) that do not meet latest standards to rise by one band in April.
  • Existing diesel supplement in company car tax to rise by 1%.
  • Young person’s railcard extended to 26-30 year olds.

Stamp Duty and Housing

  • From 22 November 2017 first time buyers paying £300,000 or less for a residential property will pay no Stamp Duty Land Tax (SDLT).
  • First time buyers paying between £300,000 and £500,000 will pay SDLT at 5% on the amount of the purchase price in excess of £300,000, a reduction of £5,000 compared to the amount of SDLT they would have previously paid.
  • 100% council tax premium to be levied on empty properties.

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