Chancellor Philip Hammond presented the 2018 Autumn Budget to the House of Commons on Monday 29 October. This year it was announced unusually early as to not disrupt scheduled Brexit talks. He made bold claims that austerity in the UK would be coming to an end.
Click to download our review below to access a summary on the key updates which will most likely affect your business and personal finances including business tax, motor vehicle benefit-in-kind, national insurance contributions, income tax and more.
You can also watch live commentary as the Budget was announced from Simon Thomas and Helen Thomas:
What else was announced in the 2018 Autumn Budget?
- £500 million has been set aside for leaving the EU with a plan for the Spring Statement in 2019 to be upgraded to a full Budget if necessary.
- £1 billion to be spent on armed forces, in particular, for cyber-capabilities and the UK’s new nuclear submarine programme.
- A new 2% digital service tax imposed on the largest technology companies from April 2020.
- Confirmation that £20.5 billion more will be given to the NHS over the next 5 years.
- £30 billion will go to repairing roads and motorways across England.
- A new tax on plastic packaging to fight plastic waste which will apply to packaging that does not contain at least 30% of recyclable material.
- A one-off £400 million “bonus” to help schools.
- £700 million allocated to local councils, specifically to help provide care for the elderly and those with disabilities.
- £900 million will be available in business rates relief for small businesses.