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Budget Summary 2018

Posted by Admin Posted on 05 Nov 2018

Just to keep our clients up to date with the 2018 budget which Philip Hammond delivered as chancellor.

Here are the key points of his 72-minute speech.

-The personal allowance threshold, the rate at which people start paying income tax at 20%, to    rise from £11,850 to £12,500 in April - a year earlier than planned.

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-The higher rate income tax threshold, the point at which people start paying tax at 40%, to rise  from £46,350 to £50,000 in April.

-After that, the two rates will rise in line with inflation.

-National Living Wage increasing by 4.9%, from £7.83 to £8.21 an hour, from April 2019.


-Fuel duty to be frozen for ninth year in a row.

-All first-time buyers purchasing shared equity homes of up to £500,000 will be eligible for first-time buyers' relief.

-Lettings relief limited to properties where the owner is in shared occupancy with the tenant

-Annual investment allowance to be increased from £200,000 to £1m for two years.

-Contribution of small companies to apprenticeship levy to be reduced from 10% to 5%.

-Business rates bill for firms with a rateable value of £51,000 or less to be cut by third over two years.

Bye for now.....

Emma

 

 

 

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