This is the final Budget before the UK leaves the EU
The era of austerity is finally coming to an end
“We are no longer borrowing at all” to finance everyday spending, says the Chancellor.
Debt has now peaked and falling
- 5B for NHS over next 5 years
- A new mental health crisis service in NHS, with 24 hour crisis hotlines
- Review of modernisation of armed forces, There will be an additional £1billion to the MOD to cover the remainder of this year, and next year.
- 160M for Counter Terrorism police funding
- 10M for Air Ambulances
- 400M for schools for extra kit needed
- 420M for highways to tackle potholes now
- Increasing annual investment allowance from £200,000 to £1million for two years.
- Targeted relief for the cost of acquiring IP rich businesses.
- Introducing a permanent tax relief for new, non-residential structures and buildings
- Start up loans funding extended to 20/21
- For small firms taking on apprentices, the amount they have to contribute to the apprenticeship levy will be halved from 10% to 5%.
- Letting relief being amended – The Chancellor will limit lettings relief to those in shared occupancy with the tenant only, and reduce the final period exemption from 18 to 9 months.
- Entrepreneurs’ relief will be kept but limited further.
- IR35 being applied to private sector as public sector, from April 2020 applied to large and medium sized business
- HMRC to be a preferred creditor for insolvencies
- For next 2 years all businesses with rateable value 51,000 or less will have rates cut by 1/3
- SDLT relief is being extended to all first-time buyers of shared ownership properties valued up to £500,000. Retrospective to last budget
- VAT threshold being frozen for 2 years
- Freezing fuel duties again
- Beer and spirit duty froze
- RPI increase on wine
- White ciders taxed at new higher rates
- Tobacco duty increased inflation + 2%
- National Living Wage(minimum wage for over-25s) to rise from £7.83 to £8.21 in April 2019
- Personal allowances to be increased from April 2019 to that already announced to be from 2020
- Income Tax personal allowance(the amount all workers get tax-free) to rise from £11,850 to £12,500 in April 2019
- 40p Income Tax threshold to rise from £46,350 to £50,000 in April 2019