29 October, 2018 in Industry News

2018 Autumn Budget - Some key highlights

Chancellor, Philip Hammond, has delivered his second Autumn Budget. The following are some of the key highlights.

A full summary of the key facts will be available shortly.  In the interim, key highlights from today's 2018 budget annoucement include:


  • Personal Allowance increases to £12,500 & higher rate limit to £50k from April 2019
  • National Living Wage increased to £8.21 from £7.83 from April 2019
  • Freeze on fuel, beer, cider & spirit duties. Tobacco will increase with inflation +2%. New higher duty on white cider
  • Air Passenger duty will increase from April 2020
  • New tax on manufacturing and import of plastic packaging made from <30% recycled material
  • £320m pledged to NI Executive ; £2m Belfast City Centre Primark recovery
  • £300m pledged to NI Schools for shared and cross community education
  • £350m pledged for Belfast City Deal with ongoing negotiations for Derry~Londonderry and Strabane Deal
  • Apprentice levy will be halved
  • AIA increased from £200k to £1m for 2 years from Jan 2019 to Dec 2020.
  • VAT threshold remains unchanged
  • Letting Relief for shared occupancy - PPR is reduced for the last 18mths to 9mths of ownership from April 2020
  • Entrepreneurs Relief - change in qualifying period of ownership from 12months to 24 months
  • IR35 is being extended to medium and large businesses
  • HMRC is to be a preferred creditor in insolvency

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