The Chancellor Philip Hammond presented his first Autumn Budget on Wednesday 22 November 2017.
Our Autumn Budget 2017 summary focuses on the tax measures announced in the chancellor’s report which may affect you, your family and your business. To help you decipher what was said we have included our own comments. The Budget proposals may be subject to amendment in the Spring Statement and subsequent Finance Act. You should contact us before taking any action as a result of the contents of this summary.
Main Budget tax proposals
Our summary concentrates on the tax measures which include:
- increases to the personal allowance and basic rate band
- more tax relief for investment in certain Enterprise Investment companies
- proposed changes to Entrepreneurs’ Relief
- improvements to Research and Development tax credit regimes
- VAT limits frozen for two years
- support for businesses to cope with the effects of business rates revaluation and the so called ‘staircase tax’.
Previously announced measures include:
- plans for Making Tax Digital for Business
- the reduction in the Dividend Allowance
- changes to NICs for the self-employed
- capital allowance changes for cars from April 2018.
Download our free summary below:
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