Personal Tax

With effect from April 2019:

  • The personal tax allowance (currently £11,850) will rise to £12,500.
  • The higher tax threshold (currently £46,350) is to be lifted to £50,000.
  • The national living wage (currently £7.83) will increase to £8.21 an hour.

Housing

  • Stamp duty has been scraped for first-time buyers of shared ownership homes worth up to £500,000.
  • A new help-to-buy scheme has been introduced to kick off from April 2021 for two years before ceasing in March 2023. The new scheme will be offered to first time buyers only.
  • 2021 will see new regional price caps brought in; this will be up to £600,000 in London.

Pensions

  • Universal credit work allowances will be increased by £1,000 per year.

Business Tax

  • A digital services tax of two percent on UK revenues of big tech companies will be introduced from April 2020.
  • The contribution small firms make to the apprenticeship levy will be cut from 10 per cent to five per cent.
  • £650m has been assigned to rejuvenate the high street.
  • Self-employment tax – IR35 will be introduced to medium and large private sector companies from 2020. Resulting in contractors having to charge themselves out through a business which pays national insurance and income tax, provided the way they work is similar to an employee.
  • Up to £200m is available for the British Business Bank if an agreement cannot be reached to continue working with the European Investment Bank post Brexit.

Transport

  • Fuel duty will continue be frozen following a nine year freeze.
  • Air passenger duty for long haul flights will rise in line with inflation.

Environment

  • New tax on n plastics which do not include at least 30 per cent recyclable material.

Health and education

  • Schools will be given £400m to buy “little extras” the Chancellor confirmed.
  • Previously announced £20bn for the NHS over five years. An extra £2bn for mental health services.

Alcohol and Gaming

  • Remote gaming duty to increase 21 per cent for gambling online games of chance from 2019
  • Duty on a bottle of wine to rise 0.08p in February, in line with inflation

 

to read more about the 2018 autumn Budget, you can visit: https://www.gov.uk/government/publications/budget-2018-documents/budget-2018

 

What the other papers say:

Evening telegraph

Philip Hammond accused of gambling with the public finances.

https://www.eveningtelegraph.co.uk/2018/10/30/philip-hammond-accused-of-gambling-with-the-public-finances/

The Sun

Austerity isn’t yet over and public services face “difficult years ahead” despite Philip Hammonds Budget spree…

https://www.thesun.co.uk/news/7616797/budget-2018-public-spending-rise-no-deal-brexit-philip-hammond/

The Guardian via Yahoo News UK

Philip Hammond’s budget may just be too good to be true.

https://uk.news.yahoo.com/philip-hammond-apos-budget-may-183720645.html