We have pleasure in attaching our summary of the key announcements in the Autumn Budget 2017.
The Chancellor announced a steady as you go Autumn Budget. The main highlight was a new stamp duty land tax relief for first time buyers. Other highlights include:
- The personal allowance will rise to £11,850 and the higher rate tax threshold to £46,350 in 2018/19.
- Confirming the reduction of the dividend allowance to £2,000
- The pension lifetime allowance will be increased from £1 million to £1.03 million with no change to the annual allowance.
- Changes to venture capital trusts (VCT) and enterprise investment schemes (EIS).
- New 30 day payment terms for capital gains arising on a residential property.
- The freeze of indexation allowance on the disposal of corporate chargeable gains from 1 January 2018.
- There will be several changes to business rates, notably dealing with business which occupy more than one floor – the so called ‘staircase tax’.
We trust that you find the enclosed Budget Summary useful and that it is a helpful basis for a discussion with us about your financial future.