Autumn Budget Predictions

After months of waiting, the big event is finally here……..the start of the 2017 Ashes series……….yes very true, but we were thinking more along the lines of the 2017 Autumn Budget!

Philip Hammond will deliver his Autumn Budget tomorrow (just before the first ball is delivered at Brisbane!) and if the rumours are to be believed, there could be significant tax changes announced with one or two bouncers thrown in!  Possible changes may include:

  • A cut in stamp duty land tax for the younger generation getting their first foot on the housing ladder
  • A review of the tax/NIC rules for the self-employed and the gig-economy
  • A further reduction in the amount of tax relief that can be claimed on pension contributions, possibly with the introduction of a flat rate of tax relief – ouch!
  • A tightening up of the popular tax advantaged investment schemes, such as Venture Capital Trusts and Enterprise Investment Schemes
  • Changes to inheritance tax with shares held on the Alternative Investment Market (AIM) no longer being eligible for Business Property Relief and therefore liable to inheritance tax
  • A dramatic reduction in the VAT registration threshold from £85,000 to £25,000 – ouch!

We hope this last rumour is just that, otherwise many small businesses will have the double-whammy of trying to get to grips with the complexities of VAT as well as the challenge of passing on significant price increases to their customers.

As usual our tax team will be watching the announcements live before working through the finer details and looking at exactly what the changes will mean for you, so don’t forget to check back tomorrow to find out!

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Dec 13

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