Annual investment allowance increased to £1m from January 2019

The Chancellor confirmed that the government’s target of reaching a tax-free Personal Allowance of £12,500 and a higher rate tax threshold of £50,000 by 2020 will be met one year early, with those amounts being introduced from April 2019.

Changes to VAT on vouchers were introduced on 1 January 2019 for vouchers sold on or after that date.

Prior to this change, the sale of a voucher was treated as two separate supplies for VAT purposes; the supply of the physical voucher or gift card; and the underlying goods/services it can be exchanged for.

The Chancellor announced a new structures and buildings capital allowance, which will be set at a rate of 2% per annum, will apply to all newly constructed non-residential buildings and structures where construction works commenced on or after Budget Day.

The transferrable marriage allowance arrived in 2015 but was widely considered to be a bit of a damp squib as very few couples could claim it and a separate claim needed to be made.

In a bid to help independent retailers (shops, cafes etc) on our high streets, a one third business rates discount will be given on retail properties with a rateable value below £51,000 for a 2 year period, commencing April 2019.

While not referred to in the speech itself, the Budget document confirmed that the National Living Wage for workers aged 25 and over is set to increase from the current level of £7.83 per hour to £8.21 per hour from April 2019, an increase of almost 5%.