Autumn Budget 2017 - as it happened

The economy
  • An economy that continues to grow
  • Britain is at the forefront of the technological revolution
  • Three million new jobs since 2010
  • Productivity performance continues to disappoint
  • Inflation to peak at 3% in this quarter
  • Government debt to peak this year as a proportion of GDP
  • Growth forecasts revised downward to 1.5% in 2017, 1.4% in 2018 and 1.3% in 2019
Personal taxation
  • Income tax personal allowance to rise to £11,850 from April 2018
  • Income higher rate threshold to rise to £46,350 from April 2018
Business taxation
  • Main R&D tax credit rate up to 12% to stimulate investment in innovation
  • Enterprise Investment Scheme (EIS) investment limits doubled for knowledge intensive-companies
  • The EIS qualifying conditions for low risk companies will be tightened as part of an EIS review
  • Indexation for corporate chargeable gains to be frozen from 1 January 2018
  • From April 2019 income tax charges on royalty payments to low-tax jurisdictions
  • A position paper will be published on the tax challenges of the digital economy
  • Tax changes will encourage fresh investment in the North Sea oil and gas industry
VAT and excise duties
  • VAT threshold maintained at £85,000 for the next two years
  • Vehicle excise duty increased for the most polluting diesel cars
  • Measures to tackle online VAT fraud
  • Most excise duty on tobacco to rise by 2% above inflation and most alcohol duties frozen
Other taxes
  • Further business rate reliefs for small businesses, including small public houses
  • Local authorities given power to impose 100% council tax premium on empty properties
  • No Stamp Duty Land Tax on purchases by first time buyers up to £300,000 (applies to first £300,000 on purchases up to £500,000)
  • Further measures against tax avoidance and evasion
  • Exploration of the possibility of a tax on single-use plastic items
  • Tax gap cut by a quarter since 2010
Spending plans
  • Additional £10 billion over this Parliament for capital investment in the NHS
  • £44 billion in capital funds, loans and guarantees for the housing market
  • National productivity investment fund increased by £31 billion
  • New £2.5 billion fund to unlock investment in emerging UK businesses
  • £40 million to train maths teachers
  • Partnership between government and private sector to boost digital skills and address skills gap – focus on offering training to existing workforce
  • New £1.7 billion ‘transforming cities’ fund
  • £400 million boost for infrastructure for charging electric cars
  • More funds for devolved governments
  • £500 million to be invested in 5G, fibre broadband and artificial intelligence
  • Funds to local authorities for essential fire safety work
Other
  • From April 2018, the national living wage will rise by 4.4% from £7.50 per hour to £7.83
  • Planning reforms for urban land
  • High quality, high density homes to be built in city centres
  • The Government plans to review the gap between planning permissions granted and homes built and publish an interim report in time for the Spring Statement
  • The Government is preparing for every possible outcome of the Brexit negotiations
  • Seven-day waiting period for universal credit removed
  • New railcard for those aged 26-30
First published by Moore Stephens LLP 22 Nov 2017