Philip Hammond’s third Budget was released on Monday, his last before we find out what’s in store with the final deal on Brexit. The Chancellor also allowed for a Spring Budget in case the Brexit outcome is a ‘no deal’.
We already knew his top two headlines:
- an end of austerity, and
- increased funding for the NHS.
So the highlights of the day turned out to be funding to fix potholes and the increase of the personal allowance and higher rate tax bracket being brought forward to April 2019.
Other aspects of interest are:
- The annual subscription limit for Junior ISAs and Child Trust Funds for 2019/20 will be increased.
- Stamp Duty Land Tax (SDLT) first-time buyers relief will be extended in England and Northern Ireland to apply to all first-time buyers purchasing residential property worth up to £500,000 through a qualifying shared ownership scheme.
- Capital Gains Tax in relation to private residence lettings relief and final period exemption, entrepreneur’s relief and taxing gains made by non-residents on UK immovable property.
- The standard lifetime allowance for pensions will increase in line with the rise in the consumer prices index (CPI) for 2019/20 to £1,055,000.
Contact us for a discussion about how we may help support you with changes relating to the Autumn 2018 Budget.