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.
- 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.
- Universal credit work allowances will be increased by £1,000 per year.
- 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.
- Fuel duty will continue be frozen following a nine year freeze.
- Air passenger duty for long haul flights will rise in line with inflation.
- 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:
Philip Hammond accused of gambling with the public finances.
Austerity isn’t yet over and public services face “difficult years ahead” despite Philip Hammonds Budget spree…
The Guardian via Yahoo News UK
Philip Hammond’s budget may just be too good to be true.