Introduction

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.

Our summary focuses on the tax measures which may affect you, your family and your business. To help you decipher what was said we have included our own comments. If you have any questions please contact us for advice.

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
• proposed 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'.

Previously announced measures include:

• plans for Making Tax Digital for Business
• the reduction in the Dividend Allowance
• changes to NICs for the self-employed
• capital allowance changes for cars from April 2018.

The Budget proposals may be subject to amendment in the Spring Statement and subsequent Finance Act. You should contact us before taking any action as a result of the contents of this summary.