- Small retail businesses in England will see business rates reduced by a third.
- The annual investment allowance is to rise five-fold from £200,000 to £1 million for two years.
- Reforms to individuals working under IR35 are to be extended to the private sector by April 2020.
- Corporation Tax to remain at 19%.
- The personal allowance is to rise to £12,500, higher-rate threshold up to £50,000.
- A 4.9% increase will set the national living wage at £8.21 an hour for over-25s.
- Stamp duty abolished for all first-time buyers of shared-ownership homes worth up to £500,000.
- Fuel duty unchanged at 57.95p per litre of petrol, diesel, bio-diesel or bio-ethanol.
- Duties on beer, most ciders, and spirits remain unchanged for 2019/20.
- Cost of a bottle of wine duty to rise by 8p, in line with inflation, in February 2019.
- The VAT-registration threshold is to stay at £85,000 until April 2022.
- The Government will revisit options for reforming VAT once final terms of the UK’s exit from the EU have been agreed.
- Qualifying conditions for entrepreneurs’ relief extended from 12 months to two years.
- Some employers to pay half of what they currently pay towards the apprenticeship levy – 10% down to 5%.
- Lettings relief limited to properties where the owner is in shared occupancy with the tenant.
Please contact Edward Tudor for more information.