Philip Hammond delivered his 2018 Autumn Budget on 29 October 2018.
INCOME TAX: RATES AND ALLOWANCES
The personal allowance will be increased to £12,500 and the basic rate band to £50,000 in 2019-20, a year ahead of schedule.
OTHER RATES AND ALLOWANCES
The Capital Gains Tax exemption will be increased to £12,000 from April 2019.
The Pension lifetime allowance will increase to £1,055,000.
The dividend allowance, personal savings allowance and ISA allowance will be frozen for 2019-2020.
NATIONAL INSURANCE
As announced in September, Class 2 NICs will not be abolished during this Parliament.
VAT: REGISTRATION AND DEREGISTRATION THRESHOLDS
The taxable turnover threshold for registration for value added tax (VAT) will remain at £85,000 until April 2022, two years longer than previously announced. The deregistration threshold will stay at £83,000 for the same period.
OFF-PAYROLL WORKING IN THE PRIVATE SECTOR
Following consultation and the roll-out of reform in the public sector, responsibility for operating the off-payroll working rules in the private sector will move from individuals to the organisation, agency or other third party engaging the worker. The change will take effect from April 2020, with an exemption for small organisations.
CORPORATION TAX
The government has confirmed that the rate of corporation tax will fall to 17% in 2020.
ANNUAL INVESTMENT ALLOWANCE
The AIA will be increased from £200,000 to £1 million for all qualifying investments in plant and machinery from 1 January 2019 until 31 December 2020.
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