Handy Autumn Budget Summary

Handy Autumn Budget Summary

A handy summary of the key points of the Autumn Budget 2017 from the team at Avanti Tax Accountants:

Business

  • No change in VAT threshold
  • Indexation Allowance for Capital Gains frozen after January 2018
  • Business tax increases to be pegged to CPI instead of RPI
  • National Living Wage rises again to £7.83
  • Research & development Tax Credit increasing

Personal

  • Diesel car owners will be hit with higher Company Car Tax of 1%, but not vans
  • Existing Diesel owners to pay more road tax
  • No increase in fuel duty
  • Income tax personal allowances rising to £11,850
  • Higher Rate income Tax threshold increasing to £46,350
  • Stamp Duty removed for first-time homebuyers for homes up to £300,000
    • Also, in London, no Stamp Duty on the first £300,000 for homes up to a total value of £500,000
  • Controversial Universal Credit benefits system tweaked

Other

  • No increase in most forms of alcohol duty
  • Short haul Air Passenger duty frozen
  • Sets aside a further £3bn to prepare for Brexit
  • OBR revises down growth forecasts
  • Mixed fiscal forecasts: better in short term, worse further out
  • Extra funding for training of Maths teachers