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Autumn Budget - Rate changes

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22 November 2017
Income tax

The personal allowance will increase for 2018/19 by £350 to £11,850 and the basic rate will extend by a further £1,000 to £34,500. This means that the higher 40% (32.5% for dividends) tax rate will commence at £46,351, up £1,650 on 2017/18. The additional rate remains at £150,000, at rates of 45% and 38.1% for general income and dividends respectively. 

Marriage allowance

Marriage allowance currently allows spouses to transfer 10% of their personal allowance between them, provided neither are higher or additional rate taxpayers; this may be backdated for up to four years. Legislation will be introduced to allow a transfer to take place from or to a deceased spouse within the same four year window.

Capital gains tax

The annual exempt amount for capital gains tax will increase in line with the consumer price index from £11,300 to £11,700 for 2018/19, with the equivalent rate for trusts increasing from £5,650 to £5,850.

30 day capital gains tax payment window deferred

It was anticipated that from 6 April 2019, capital gains tax payable on the sale of all UK residential properties would be due for payment within 30 days of the sale. This could accelerate the tax payment and reporting requirement by nearly nine months. Fortunately, this will be deferred until 6 April 2020, but there is no suggestion that plans will be shelved.

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