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HMRC INVESTIGATION

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Budget 22 November 2017

 BRIEF HIGHLIGHTS OF TAX CHANGES:

> Personal income tax allowance for 18/19 to be £11,850;

> Higher rate (40%) threshold for 18/19 up to £34,500;

> Vat Registration threshold to be held at £85,000 for 18/19 and 19/20;

> Dividend ‘Allowance’ confirmed at £2,000 for 18/19;

> W.e.f. 6pm 22/11/17 no change for basic wines, beers and cider duties. Some higher strength drinks to have duty increased. Tobacco duties up by 2% over inflation;

> Fuel duty increase due in April 2018 has been cancelled;

> Limited company capital gains tax indexation relief to be frozen at 1/1/2018;

> Stamp duty relief for first time buyers – No duty on purchases of up to £300,000 and first £300,000 of purchases up to £500,000 free of duty;

> CGT tax free limit raised to £11,700 for 18/19;

> Previously announced NI changes for the self-employed postponed;

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