Budget 2017

Income Tax Rates, Income Tax Reliefs, Tax Credits, Pension Premiums, Individual Savings Accounts, Fuel Benefits, Mileage Payments,Capital Gains Tax, Corporation Tax, Inheritance Tax, Stamp Duty Tax, Social Security, Value Added Tax, Capital Allowances...

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Budget 2016/2017

The Chancellor Philip Hammond presented his first Autumn Budget on Wednesday 22 November 2017.

His report set out a number of actions the government will take including support for more housebuilding.

His view is that the economy continues to grow and continues to create more jobs. The major attention-grabber was aimed at first time buyers who will not have to pay Stamp Duty Land Tax on homes costing up to £300,000.

Main Budget tax proposals

Our summary concentrates on the tax measures which include:

  • Increases to the personal allowance and basic rate band.
  • More tax relief for investment in certain Enterprise Investment companies.
  • Changes to the timing of Making Tax Digital for smaller busineproposed changes to Entrepreneurs’ Relief.
  • Improvements to Research and Development tax credit regimes
  • VAT limits frozen for two years
  • Support for businesses to cope with the effects of business rates revaluation and the so called ‘staircase tax’.