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30 October 2018

Budget Summary

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30 October 2018

Budget Summary

Samantha Hamilton, head of the Private Client Department at Mullis & Peake LLP and Member of Solicitors for the Elderly shares a summary of the Budget.

 

PTAIT_20150514_0490

Samantha Hamilton

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Expert Commentary

Phillip Hammond delivered the 2018 budget on Monday 29th October.

He said the focus should be on building a new future outside the European Union and an “economy working for everyone”.

Highlights include:

OBR confirms significant improvement in public finances. 2019 will see a full spending review. “Austerity is coming to an end”.

June announcement of deal for NHS of £25bn over five years. NHS ten year plan to include funding mental health crisis service.

More resources to Local Authorities. Green paper on social care to be published shortly. £650m grant funding for 2019/2020 to assist councils with social care demands.

Armed forces to receive an additional £1bn for rest of 2018 and next year.

Police counter-terrorism funding increased by £160m.

Cannot waive VAT on sales of charity items to mark 100th anniversary of Armistice Day, but £10m to armed forces charity from VAT received.

£420m immediately available for repairs such as potholes and bridge repairs.

Online/digital platform businesses need to pay a fair tax on UK revenues.  International cooperation needed, but too slow. In April 2020 a UK digital services tax will be introduced. This is a tax for “established tech giants” not start-ups.

HMRC will be a preferred creditor in business insolvencies.

The high street is under pressure as never before. Support by way of £675m co-funding for future high street rejuvenation fund.

Business Rates relief for two years for businesses with rateable value of £50k or less. For these businesses rates will be cut by one third. This is worth up to £8,000 per year.

First-time buyer relief for stamp duty extended to shared ownership properties up to £500,000. This is to be retrospectively applied.

Lettings relief to be restricted for CGT purposes to properties shared with tenants.

Package of environmental measures, including £10m for dealing with abandoned waste sites. Tax on plastics containing less than 30% recycled plastic to be introduced after consultation.

Fuel duty still frozen (for ninth consecutive year).

Beer, cider & whisky duty frozen.

Universal Credit. Concerns have been raised about implementation, so £1bn over five years to introduce protections for existing claimants as they move to UC. £1.7bn to provide extra funds for those in work and with disabilities.

From April the national living wage increases to £8.21 per hour.

In April 2019 the basic rate personal allowance will be £12,500 and £50,000 for higher rate. This is one year earlier than the manifesto pledge. Increases will be indexed in future years.

If required, for example, in the event of a no deal Brexit, the Spring Statement may be upgraded to a full Budget in Spring 2019.

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