The Chancellor Philip Hammond presented his first Autumn Budget on Wednesday 22 November 2017.
In his speech, the chancellor pledged to introduce new measures that ensure a low-tax, fair economy for both working individuals and businesses as to drive opportunity and job creation in the community.
He also introduced modifications to the housebuilding industry to ease pressures of the housing crisis, whilst promising to help more first time buyers get on the property ladder, by scrapping Stamp Duty Land Tax on homes costing up to £300,000.
The budget also concentrated on tax measures such as increases to the personal allowance and basic rate band, more tax relief for investment in certain Enterprise Investment companies, proposed 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’.
If you would like any more information or advice on any of the issues or changes noted in the budget, and how they may affect you and your business, please do get in touch with one of our Tax experts here.