See below for a summary of the key points in the Budget and how they might affect you:-
Personal Taxation and Wages
- Tax-free personal allowance on income tax to rise from £11,500 to £11,850 in line with inflation in April 2018
- Higher-rate tax threshold to increase from £45,000 to £46,350
- National Living Wage to rise in April 2018 by 4.4%, from £7.50 an hour to £7.83
Business
- VAT threshold for small business to remain at £85,000 for two years
- Rises in business rates to be pegged to CPI measure of inflation, not higher RPI, a cut of £2.3bn
- Capital gains tax relief for overseas buyers of UK commercial property to be phased out, with exemptions for foreign pension funds