The Chancellor Philip Hammond presented his first Autumn Budget on Wednesday 22 November 2017.
His report set out a number of actions the government will take including support for more housebuilding.
His view is that the economy continues to grow and continues to create more jobs. The major attention-grabber was aimed at first time buyers who will not have to pay Stamp Duty Land Tax on homes costing up to £300,000.
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.
- Changes to the timing of Making Tax Digital for smaller busineproposed 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’.