Donald Reid Group

Autumn Budget Summary

Chancellor Philip Hammond delivered his first Autumn Budget on Wednesday 22nd November, against a backdrop of political and economic uncertainty fuelled by the ongoing Brexit negotiations and the downward revision of the UK growth figure by the Office of Budget Responsibility to 1.5% in 2017.

Technology and housing were the key themes of the Budget speech. Philip Hammond gave a boost to the housing market with £44 billion of investment and has kept the tax relief available on SEIS, EIS and VCT investment schemes. However, the rules have been tightened to ensure the relief is targeted to those making high risk investments into high growth companies looking to expand.

Budget highlights include;
  • Extending taxation to overseas investors in UK commercial property
  • The abolition and tapering of stamp duty land tax on purchases of properties worth up to £500,000 for first-time buyers
  • Proposals on the taxation of the Digital Economy
  • Review of employment status and off-payroll working in the private sector
  • Further legislation to tackle tax avoidance, evasion and non-compliance

Download your copy of The Autumn Budget 2017

If you would like to discuss how the Budget could affect you and your business, please do get in touch. We would be delighted to hear from you.

 


DISCLAIMER:
This information is for guidance only, and professional advice should be obtained before acting on any information contained herein. We will not accept any responsibility for loss to any person as a result of action taken or refrained from in consequence of the contents of this publication.


 

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