Following two full Budgets last year, this week’s Spring Statement was expectedly low key.
Mr Hammond spoke of no tax changes or new spending initiatives. He focused instead on reviewing Office for Budget Responsibility (OBR) figures and announcing consultations. Overall the Statement represents a new cycle of tax and spending changes taking place just once a year.
Tax Tables for the 2018/19 tax year are now available in electronic format.
Key changes include:
- Increases to the personal allowance, and basic and higher rate tax thresholds.
- New income tax bands and rates for Scotland.
- A cut in the dividend tax allowance from £5,000 to £2,000.
- Revised company car tax scales, with an increase in the diesel levy.
- The first increase in the lifetime allowance since 2010.
- An increase in the maximum tax relievable investment in Enterprise Investment Schemes.
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