With the delivery of the Autumn Budget now concluded, it’s time to consider the outcomes and changes affecting the UK.
Although Brexit has been very much a focus in the last few months, the Chancellor of the Exchequer, Philip Hammond, made clear that this Budget was about the future of the country and investing in the economy.
Notable changes include an increase to the lifetime allowance for pension savings, rising to £1,030,000 for the tax year 2018/19. Personal taxes were left mostly unchanged, but personal allowances, as well as the higher tax threshold, will be increased from April next year.
He also laid out his plans for tax, housing and travel, but resisted the temptation of making major changes to the pension system to raise cash. To encourage people to save, he also announced that the annual allowance, a limit on the amount that can be contributed to your pension each year whilst still receiving tax relief, will remain at £40,000.
Several of the announcements could have an impact on welfare and pensions, personal taxation and wages, and businesses. Although not a significant budget in regards to changes, it’s important to review if anything affects your personal or business situation.
We hope you find our guide useful and informative. Click here to download a pdf version or view the online copy below.