22nd November 2017
Summary of the 2017 Autumn Budget
Filed Under: Accounting, Business News, Tax, VAT
- Personal Allowance to rise to £11,850 from 6 April 2018.
- Higher rate tax threshold to increase to £46,350.
- 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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