boosst clients enjoy ‘more Treats than Tricks’ in Chancellors Halloween Autumn Budget 2018
Chancellor Phillip Hammond’s Budget was earlier than usual to avoid clashing with the final Brexit negotiations in November. Also unusual was that it took place on a Monday. Traditionally, budgets are announced on a Wednesday, but that would have meant it would have been Halloween and links to Hammond’s House of Horrors were already being made…
We were pleasantly surprised to see that our clients have been rewarded with a handful of treats, including;
- Increased Personal Allowance = more tax-free income
- Increased Higher Rate Threshold = less income subject to higher rate taxes
- Extension of Help to Buy to 2023 = continued support for our younger clients
- No penal changes to Pension tax relief
- No penal changes to Inheritance Tax or Pension Lifetime Allowance
- No penal changes to Dividend taxation
There are a few ‘Tricks’ amongst the ‘Treats’ that require more careful consideration, including the tightening of IR35 rules for Contractors and tweaks to Principal Private Property Relief. If you’re a client and wondering whether any of these changes impact your family, you can relax knowing that we will discuss them at your next Planning Meeting with Keith, Josh or Vicki.
To get up to speed with the main points in the Autumn Budget Statement, just click on the image below.