Autumn Budget 2018

31st October 2018

The Chancellor Philip Hammond presented his second Autumn Budget on Monday 29 October 2018. In his speech he stated that 'austerity is coming to an end - but discipline will remain'. He also promised a 'double deal dividend' if the Brexit negotiations are successful but stated that there may be a full-scale Spring Budget in 2019 if not.

Main proposals

  • Increases to the personal allowance and basic rate band
  • Extending off-payroll working to medium/large organisations in the private sector
  • Temporary increase in the Annual Investment Allowance
  • VAT limits frozen for a further two years
  • Changes to Entrepreneurs' Relief and private residence relief
  • Measures to tackle the plastic problem

Our summary focuses on the tax measures which may affect you, your family and your business. To help you decipher what was said we have included our own comments. If you have any questions please contact us for advice.