A big spending budget with significant increases in the personal allowance and higher rate tax threshold.
I expected more money for health, social care and universal credit, but the tax decreases I didn’t expect.
I hope the extra spending overall will not derail the objective of balancing the UK budget.
The economy must be strengthened to insulate it as much as possible for future uncertainties, including a cessation of any increase to the national debt.
I liked the increase to the Additional Investment Allowance from £200k to £1m and the fact that he only tinkered with Entrepreneur’s Relief by extending the qualifying period from 1 to 2 years.
If you have any questions regarding the Autumn 2018 Budget then please call your local Lambert Chapman contact on 01376 326266.
The views expressed in this article are the personal views of the Author and other professionals may express different views. They may not be the views of Lambert Chapman LLP. The material in the article cannot and should not be considered as exhaustive. Professional advice should be sought in connection with any of the issues contained in the article and the implementation of any actions.