Business – annual investment allowance to increase to £1m

Corporation tax The main rate of corporation tax remains at 19% for 2019/20. The intention to cut the rate of corporation tax to 17% in 2020/21 was reiterated. Annual investment allowance The annual investment allowance will be temporarily increased from £200,000 to...

Personal – income tax thresholds to rise

Personal allowance The personal allowance increases from £11,850 to £12,500 from 6 April 2019. The allowance will also remain at this level for the 2020/21 tax year. Basic-rate band The basic-rate limit increases from £34,500 to £37,500 from 6 April 2019....

VAT-registration threshold to hold firm until 2022

VAT-registration threshold frozen until 2022 The VAT-registration threshold was frozen at £85,000 until 1 April 2020 in the last Budget, and the Chancellor extended that until 1 April 2022. HMRC had consulted on the VAT-registration threshold following suggestions...

Other announcements

Charity taxation From April 2019, the Government will introduce measures to reduce administrative burdens on charities. These include: An increase from £5,000 to £8,000 in the upper limit for trading charities can carry out without incurring a tax liability where...