Chartered Tax Advisers & Accountants

Autumn Budget 2017 - At A Glance

Published On: 24 November 2017
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Personal Allowances and Income Tax Thresholds 

  Current From April 2018
 Personal Allowance  £11,500    £11,850  
   Basic Rate  £1,000  Basic Rate  £1,000
 Personal Savings Allowance  Higher Rate  £500  Higher Rate  £500
   Additional Rate    £nil  Additional Rate  
 Dividend Allowance  £5,000    £2,000  
 Marriage Allowance  £1,150    £1,185  
 Starting Rate for Savings  £0 – £5,000  @ 0%  £0 – £5,000  

 Income Tax Thresholds

 (Scotland)

 £0 – £31,500  @ 20%    
 £31,501 – £150K  @ 40%  TBD  
 Over £150K  @ 45%    

 Income Tax Thresholds

 (England, Wales, N.Ireland)

 £0 – £33,500  @ 20%  £0 – £34,500  @ 20%
 £33,501 – £150K  @ 40%  £34,501 – £150K  @ 40%
 Over £150K  @ 45%  Over £150K  @ 45%
 Dividend Tax Rates  Basic Rate  @ 7.5%  Basic Rate  @ 7.5%
 Higher Rate  @ 32.5%  Higher Rate  @32.5%
 Additional Rate  @38.1%  Additional Rate  @38.1%

Note: Income Tax thresholds for Scottish taxpayers to be announced in the Scottish Budget in December 2017

 

Capital Gains Tax

 

 Current

 From April 2018

  Exemption

  Basic Rate                   

  Higher Rate                 

  Additional Rate           

 £11,300

 10% or 18% (Residential Property)

 20% or 28% (Residential Property)

 20% or 28% (Residential Property)

 £11,700

 10% or 18% (Residential Property)

 20% or 28% (Residential Property)

 20% or 28% (Residential Property)

 

Employee Benefits in Kind

 

 Current

 From April 2018

  Car Fuel Benefit Charge Multiplier

  Van Benefit Charge

  Zero Emission Van Benefit Charge

  Van Fuel Benefit Charge

 £22,600

 £3,230

 £646

 £610

 £23,400

 £3,350

 £670

 £633

 

National Insurance Contributions (NIC)

 Profits  Current    From April 2018
 Class 2 NIC  £0 - £6,025  £0 pw  £0 - £6,205 
 £6,026 and over  £2.85 pw  £6,026 and over
 Class 4 NIC  £0 - £8,164  0%  £0 - £8,424
 £8,165 - £45,000  9%  £8,425 - £46,350
 £45,001 and over  2%  £46,351 and over

 Note: The abolishment of Class 2 NICs has been delayed by a year until 6 April 2019

 

VAT Registration

 

 Current

 From April 2018

  Registration

 £85,000

 £85,000

  Deregistration

 £83,000

 £83,000

 

Businesses

 

 Current

 From April 2018

  Corporation Tax Rate

 19%

 19%

  Annual Investment Allowance

 £200,000

 £200,000

 

National Minimum Wage (NMW) & National Living Wage (NLW)

 Age

 Current Rate

 From April 2018

 Apprentice (Note)

 £3.50

 £3.70

 16 - 17

 £4.05

 £4.20

 18 - 20

 £5.60

 £5.90

 21 - 24

 £7.05

 £7.38

 25 and over (NLW)

 £7.50

 £7.83

Note: Apprentices that are aged 19 or over and have completed their first year of apprenticeship are entitled to the NMW for their age.