Highlights from the Spring Statement

The first Spring Statement heralds the ‘light at the end of the tunnel'. The Chancellor Philip Hammond has presented his first Spring Statement, with something of a spring in his step. Read more

Please do get in touch if you would like to discuss the impact of any changes outlined in these Spring Statement Highlights on you and your business. We would be delighted to hear from you.

Business and investment measures announced

Although the Spring Statement is not intended to be a major fiscal event, the Chancellor did announce some business and investment measures. 

• Business rates
• Full-fibre broadband
• House building
• Improving transport in English cities
• Apprenticeships
• Increase in pensions' Lifetime Allowance
• New National Living Wage (NLW) and National Minimum Wage (NMW) rates

Read more about measures announced.

Income tax rates

From the 6th April 2018 there will be increases to the basic and higher rate income tax bands for England, Wales and Northern Ireland. The income tax personal allowance will rise from £11,500 to £11,850. Read more

The new stamp duty regime

In the 2017 Autumn Budget, Chancellor Philip Hammond unveiled a new exemption from stamp duty land tax (SDLT) for first-time homebuyers in England, Wales (until 1 April 2018) and Northern Ireland. From 22 November 2017, most first-time buyers paying £300,000 or less for a residential property are no longer required to pay SDLT. Wales has no plans to introduce a relief from LTT for first-time buyers. Read more

Other key changes for 2018/19

A number of other key changes are coming into effect during 2018, which may have an impact on your business and personal finances. 

• Dividend Allowance set to reduce
• Changes to car fuel benefit rates 
• Compulsory employer pension contributions to rise
• Residence Nil-Rate Band rises
• The new General Data Protection Regulation

Read more about these 2018/19 changes.