Chancellor of the exchequer Philip Hammond made a number of announcements during his Autumn Budget this afternoon (29th October).
Here are the key points from his speech:
- tax-free personal allowance will rise to £12,500 in April 2019
- the higher rate threshold will grow from £46,350 to £50,000 in April 2019
- the cap on the amount of money local authorities are able to borrow to build housing will be lifted
- Scotland, Wales and Northern Ireland will receive more money to spend on things such as education, health and housing
- small retail businesses will save £900m with the business rates bill cut by a third for two years from April 2019
- £675m to be spent on local high streets to improve transport links, redevelop empty shops as homes and offices and restore and reuse old and historic properties
- £500m of additional funding for departments to prepare for Brexit from 2019/20, adding to the £1.5bn already announced for that year
- annual investment allowance to increase to £1m from 1st January 2019 to 31st December 2020
- large digital firms to pay a 2% tax on revenues they earn which are linked to UK users, from April 2020
- large businesses able to invest up to 25% of their apprenticeship levy to support apprentices in their supply chain from April. Some employers will only need to pay 5% for apprenticeship training
- a commemorative Brexit 50p coin will be available to buy from spring 2019
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