The Income Tax personal allowance will be increased to £12,500 from £11,850 on 6 April 2019.
For higher rate taxpayers, the threshold above which higher earners start paying 40% tax is being increased to £50,000 from £46,350 in 2019-20.
The annual subscription limit for Junior ISAs and Child Trust Funds for 2019/20 will be increased in line with CPI to £4,368.
The Government has increased the limit of individual donations made under the Gift Aid small donations scheme from £20 to £30.
gains tax (CGT) annual exempt amount for individuals rises to £12,000 from
£11,700 on 6 April 2019.
The Government announced plans to reform the off-payroll working rules – known as IR35 – in the private sector from April 2020. Responsibility for operating the off-payroll working rules will move to the firm engaging the worker. Small organisations will be exempt to ease the administrative burden for the vast majority of engagers, while medium and large organisations will be given support and guidance by HMRC.
In order to provide support to the high street, the Government is to reduce business rates by one-third for many retail properties with a rateable value below £51,000 for two years from April 2019, subject to state aid limits. The move is expected to save these struggling businesses £900m. Support for British high street will be supported by a £675m Future High Streets Fund to redevelop empty shops as homes and offices. There will be a new mandatory 100% business rates relief for public lavatories.
…will be extended in
England and Northern Ireland to apply to all first-time buyers purchasing
residential property worth up to £500,000 through a qualifying shared ownership
scheme. The relief will also apply to shared ownership property buyers who have
already paid SDLT on the initial equity stake and rental amount since the
introduction of the relief on 22 November 2017. They will have a year to make a
backdated claim for the relief. This measure will be effective from 29 October
lettings relief can be claimed by
individuals who let out a property that is, or has in the past been, their main
residence. From April 2020, the government will reform lettings relief so that
it is only available to individuals in shared occupancy with a tenant.
the final period exemption means
that people do not have to pay CGT on gains made in the final 18 months of
ownership. From April 2020, the exemption will be reduced to 9 months. There
will be no changes to the 36 months final period exemption available to
disabled people or those in a care home.
who replace their main residence can reclaim
the SDLT where the new home was purchased before selling the old, subject
to the old residence being sold within 3 years of the new home purchase.
The residence nil-rate band (RNRB)
increases to £150,000 from £125,000 from 6 April 2019 and to £175,000 from 6
April 2020; allowing some couples to leave up to £950,000 to
future generations free of IHT.