Philip Hammond has delivered his third Budget as chancellor, here are some of the key takeaway points…
- 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 – everyone who pays tax will now pay a little bit less
- 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
- Beer, cider and spirits duties to be frozen
- 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
- 2.4 million working families with children to benefit by £630 a year
- New 2% digital services tax on UK revenues of big technology companies, from April 2020
- Annual investment allowance to be increased from £200,000 to £1m for two years
- Business rates bill for firms with a rateable value of £51,000 or less to be cut by one third over two years
If there’s anything stated in the new budget that you’re unsure about or need advice on please feel free to contact us.
You can find out more about the budget here.