Chancellor Philip Hammond delivered his second Autumn Budget speech to Parliament on 29 October 2018.
Harding Lewis have summarised some of the headline points and put together a Budget report. Please click here to download the full report.
What is the bigger picture?
An emphatically positive note coming out this Autumn’s budget. With a clear message that austerity is coming to an end, this budget feels somewhat like the calm before the storm that is Brexit. Something to give hope to the people that the country is on the up, and that we can start spending again. With a further £500m being put aside for Brexit preparations (which will bring the total to £4b), a further £20.5b being given to the NHS over the next 5 years, an additional £770m to transport infrastructure – these are very positive sound bites. Although, where the money is coming from hasn’t been vocalised quite to the same extent.
A few points that peaked our attention are as follows:
- Confirmation that non-resident companies holding UK property will be subject to corporation tax rather than income tax from 6 April 2020
- An increase in the personal allowance from £11,850 to £12,500 in 2020
- A temporary increase in the Annual Investment Allowance (AIA) from £200,000 to £1m for 2 years from 1 January 2019
- An exemption from paying stamp duty for first time buyers seeking to share equity in a new home
- A new tax on companies providing digital services i.e. search engines, social media platforms and online market places – targeting revenue generated from UK users
If you would like to talk to someone about these changes and what they could mean for you, please give Harding Lewis a call on 01624 679524 or e-mail us via our contact page on the website.