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22 November 2017

Abolition of Class 2 NICs delayed until April 2019

on Wednesday, 22 November 2017.

Hidden in the detail of the Budget documents was the announcement that the abolition of Class 2 National Insurance contributions for the self-employed will now be delayed until April 2019, a year later than planned, presumably to help fund the previous u-turn on increases to Class 4 NIC rates.

22 November 2017

4% increase to the National Living Wage and National Minimum Wage

on Wednesday, 22 November 2017.

Phillip Hammond announced that the National Living Wage (for those aged 25+) will increase from the current £7.50 per hour to £7.83 per hour from April 2018. Increases were also announced to the National Minimum Wage, with the rate applying to 21-24 olds up to £7.38 from the same date.

22 November 2017

Personal allowance & higher rate threshold confirmed for 2018/19

on Wednesday, 22 November 2017.

The Chancellor announced that the personal allowance will be increased to £11,850 from April 2018 (currently £11,500). Higher rate taxpayers will also benefit, with an increase in the higher rate threshold to £46,350 (currently £45,000), from the same date.

22 November 2017

Indexation allowance to be frozen for company Capital Gains

on Wednesday, 22 November 2017.

In a surprise announcement, indexation allowance - which allows a measure of inflation to be taken into account when calculating a Capital Gain made by a company - will be frozen at the end of this year, so that any gains made in the future will only be indexed up to December 2017. This removes a key relief from Corporation Tax, particularly for companies holding properties.

22 November 2017

Stamp duty abolished for most first-time buyers from today

on Wednesday, 22 November 2017.

In a welcome measure, Philip Hammond announced that, with effect from today, first-time buyers will not have to pay any stamp duty land tax on properties costing up to £300,000. For properties costing over £300,000 but less than £500,000 a 5% rate will apply to the value over and above £300,000, while properties costing over £500,000 will still be subject to full rates.
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