2018 Autumn Budget - Some key highlights
Chancellor, Philip Hammond, has delivered his second Autumn Budget. The following are some of the key highlights.
A full summary of the key facts will be available shortly. In the interim, key highlights from today's 2018 budget annoucement include:
- Personal Allowance increases to £12,500 & higher rate limit to £50k from April 2019
- National Living Wage increased to £8.21 from £7.83 from April 2019
- Freeze on fuel, beer, cider & spirit duties. Tobacco will increase with inflation +2%. New higher duty on white cider
- Air Passenger duty will increase from April 2020
- New tax on manufacturing and import of plastic packaging made from <30% recycled material
- £320m pledged to NI Executive ; £2m Belfast City Centre Primark recovery
- £300m pledged to NI Schools for shared and cross community education
- £350m pledged for Belfast City Deal with ongoing negotiations for Derry~Londonderry and Strabane Deal
- Apprentice levy will be halved
- AIA increased from £200k to £1m for 2 years from Jan 2019 to Dec 2020.
- VAT threshold remains unchanged
- Letting Relief for shared occupancy - PPR is reduced for the last 18mths to 9mths of ownership from April 2020
- Entrepreneurs Relief - change in qualifying period of ownership from 12months to 24 months
- IR35 is being extended to medium and large businesses
- HMRC is to be a preferred creditor in insolvency
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