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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.

06 November 2017

Corporation Tax losses: A review of the changes

on Monday, 06 November 2017.

From April 2017, the tax treatment of carried forward losses was reformed for limited companies.

In this month’s Tax News we take a look at the changes, which expand the scope for claiming relief for losses in future years.
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