Tax rates and allowances
With changes in the tax system now an ever-present feature, our up-to-date experience is available to ensure clients'' tax liabilities are planned to be at a minimum.
The main changes announced for 2018/19 are:
- personal allowance increase to £11,850
- car benefit multiplier increases to £23,400
- capital gains tax annual allowance increases to £11,700
- national living wage increases from £7.50 per hour to £7.83
- junior ISA allowance increases to £4,260
- lifetime pension allowance increases to £1,030,000
- no stamp duty land tax for first-time buyers up to £300,000. A 5% rate applies for purchases between £300,000 and £500,000.
The main changes for 2017/18 are:
- personal allowance increase to £11,500
- transferable couples/civil partners allowance of £1,150
- car benefit multiplier increases by 2%
- basic state pension increases by £3.00 (2.5%) to £122.30 per week
- new trading allowance up to £1,000
- new property allowance up to £1,000
- R&D development expenditure credit increases on 1 January 2018 from 11% to 12%.