The Chancellor Philip Hammond, delivered his Autumn 2018 budget speech yesterday (29.10.18).
We have summarised the key announcements:
* National living wage will be increased. For over-25s this will rise from £7.83 an hour to £8.21 per hour.
* Personal tax allowance will be increased from £11,850 to £12,500.
* The threshold for paying higher rate tax will be raised from £46,350 to £50,000.
* National insurance thresholds will rise.
* Universal credit top up-payment fund announced.
* Universal credit work allowance will be increased by £1,000 per year.
* The minimum amount saved in Premium Bonds is to be lowered to £25.
* People other than parents and grandparents will be able to gift Premium Bonds to a child.
* Annual adult ISA allowance will remain at £20,000 in 2019/20. The annual allowance for Junior ISAs will be go up in line with inflation in 2019/20 to £4,368.
* Stamp duty relief has been extended to now include shared ownership.
* The Help to Buy Equity Loan scheme will be extended by two years
* Fuel duty has been frozen.
For the full budget policy paper please click here.
For more information on how these announcements will effect you and your business, please click here to read the Crucial Insight from Croner Taxwise.