Budget 2018

 

 

 

 

 

 

 

  • Personal allowance rising to £12,500 from April 2019, a year ahead of schedule. 
  • Higher rate lower threshold rising to £50,000 from April 2019, a year ahead of schedule.
  • First-time buyers of shared ownership property to get backdated stamp duty relief for properties up to £500k, announced in the Budget 2018.
  • The VAT registration threshold has been frozen at £85,000 for a further two years – until April 2022. 
  • Entrepreneurs’ relief kept in place, but the minimum period for meeting qualifying requirements has been extended from 12 to 24 months from 6 April 2019.
  • Relief for the high street as businesses with rateable value below £51,000 see their business rates cut by one third. 
  • The digital services tax takes shape – large digital companies to pay 2% on revenue earned linked to UK users from April 2019. 
  • More pressure on landlords as capital gains tax lettings relief only to apply where owners share occupancy with the tenant. The final period exemption is also reduced from 18 months to 9 months. 
  • The pensions lifetime allowance increases in line with inflation to £1,055,000 in the #Budget2018
  • Limits to R&D tax credits – of three times total PAYE and NIC liabilities for the year – for qualifying loss-making companies coming from April 2019. 
  • HMRC moves up the pecking order in company insolvencies, to ensure more money is reclaimed for VAT, PAYE and employee NICs when a company fails.
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