Our Brief Summary

Autumn Statement 29 October 2018

BRIEF HIGHLIGHTS OF TAX CHANGES:

> Personal income tax allowance for 19/20 to be £12,500;

> Higher rate (40%) threshold for 19/20 up to £50,000;

> Vat Registration threshold to be held at £85,000 for a further two years to April 2022;

> Duty rates on beer, most ciders and spirits will be frozen.  W.e.f 6pm 29 October 2018 Tobacco duties up by 2% over inflation;

> Fuel duty frozen again;

> 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 to  be extended to include qualifying shared ownership property purchasers;

> Annual Investment Allowance increased to £1 million for all qualifying investments made 1 January 2019 to 31 December 2020.