Goodman Jones Budget Summary 2018

Download the Goodman Jones 2018 Budget Summary

Last year Philip Hammond promised us fewer frequent tax changes and more consultations and this years budget appears to have delivered on that promise.

Many of the announcements were minor changes to existing legislation or confirmation of matters which have already been subject to public consultations.

New measures include the increase of the personal tax higher rate threshold to £50,000, the introduction of a new capital allowance for the construction of commercial property, a temporary increase in the annual investment allowance and help for the high street by way of a business rate reduction and money being made available for infrastructure spending.

Some of the minor amendments to existing legislation which may have a significant impact include changes to capital gains tax relief for the main residence, the restriction of the capital gains tax relief for residential letting which will make this relief unavailable in most cases and changes to the qualifying conditions for Entrepreneurs relief including extending the qualifying period to 2 years.

Matters which had been the subject of previous consultations and were expected include extending capital gains tax for non-residents to include sales of UK commercial property and bringing the private sector into the off payroll working rules to counter avoidance of PAYE tax.

For a full review of the budget download our pdf.

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Richard Verge - Tax Director

E: rverge@goodmanjones.com

T: +44 (0)20 7874 8856

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Richard is a personal tax expert and is able to advise high net worth individuals on either immediate tax concerns or a long term plan to ensure that their affairs are structured to take advantage of the tax reliefs available.

His experience from working with HMRC ensures that he is more than adept at understanding the view from the other side, to the benefit of his clients. Richard advises entrepreneurs, owners of family businesses and partners in professional practices and provides advice on planning from both a personal and worklife perspective.

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