UK: The Autumn Budget 2018 - the headlines

• The Spring Statement next March could be upgraded to a full Budget if required post Brexit;
• Fuel duty to be frozen for ninth year in a row;
• Income Tax: increase in Personal Allowance (to £12,500) and Higher Rate threshold (to £50,000) from April 2019;
• Capital Allowances - the Annual Investment Allowance will be increased from £200,000 to £1m, for two years;
• Non-residential buildings - a new permanent tax relief is to be introduced;
• Intellectual Property rich businesses - a new targeted relief for their purchase;
• Main residence relief - lettings relief from Capital Gains Tax restricted to residential property owners in shared occupation;
• Main residence relief - the final period of ownership exempt from Capital Gains Tax reduced from 18 months to nine months;
• Capital Gains Tax - Entrepreneurs’ Relief minimum qualifying period to be extended to two years, from 12 months;
• Introduction of a UK digital services tax from April 2020 - aimed at large businesses (£500m in global revenue);
• IR35 - off payroll working changes to be extended from public to private sector, from April 2020, for large and medium businesses;
• Employment Allowance - additional relief to be targeted at small and medium businesses with an Employer NICs bill under £100,000 pa, from April 2020;
• Apprenticeship Levy - a reduction in the rate small employers pay for training from 10% to 5%;
• R&D Tax Credits - a PAYE restriction will be reintroduced for small and medium businesses;
• Extension of Stamp Duty Land Tax relief for first time buyers to shared ownership purchasers (up to £500,000) since last year’s Budget, and;
• A new tax on the manufacture and importation of plastic packaging with less than 30% of recycled material.