The Chancellor Philip Hammond delivered his second Budget on 22 November 2017, in uncertain, pre-Brexit times. MSI's London based accounting member haysmacintyre provides a summary of the key changes.
Delayed by a few minutes by an overrunning Prime Minister’s Questions, which included a debate on tax avoidance, the Chancellor tried to lighten the mood a little by including a few jokes in his speech.
Turning to more serious matters though, growth forecasts for the UK economy have been cut sharply following changes to estimates of productivity and business investment. With our national debt remaining high, Mr Hammond announced a balanced approach of “fiscal responsibility and investment in skills and infrastructure”, whilst putting aside a £3bn Brexit contingency.
The abolition of Stamp Duty Land Tax for many first time property buyers is of course the headline grabber, along with other measures to encourage development and occupancy of property. Non-resident owners of commercial property will be less pleased to see the extension of Capital Gains Tax to these properties.
View the full Autumn Budget 2017 summary here
