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