Autumn Budget 2017

Chancellor Philip Hammond gave his Autumn Budget on 22 November 2017 but apart from the somewhat poor jokes what was in it for you?!

We think it was perhaps more what he didn’t do that made the difference, specifically by freezing the VAT threshold which had been rumoured to be reduced significantly bringing the extra burden of VAT to more small businesses and their customers.

The ‘headline grabber’ for first time buyers and the temporary reduction in Stamp Duty Land Tax (SDLT) does not, of course, apply here in Scotland with us having the Land and Building Transaction Tax (LBTT) so the ‘Tartan Budget’ is another one to watch out for and Finance Secretary Derek Mackay will be presenting the next Scottish Budget on 14 December.

On a quick review of Autumn Budget 2017, the following snippets may be of interest to our clients in particular:

Previous announcements include:

Have a look at the information notes on gov.uk’s website for more:

https://www.gov.uk/government/publications/autumn-budget-2017-overview-of-tax-legislation-and-rates-ootlar/autumn-budget-2017-overview-of-tax-legislation-and-rates-ootlar

Pound coins and notes

Image courtesy of PA

Whilst we have no reason to believe the above is not accurate it is for general guidance only.  Buick & Co Chartered Tax Advisers and Tax Consultants take no responsibility whatsoever for this blog, its reliability or any actions you take having read it.

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