The 2018 Budget, which was delivered on a Monday for the first time since 1962, produced a number of surprises, not least some high-profile giveaways. We look at how this ‘end to austerity’ will be put into effect.
The announcements in the Budget included:
• A £650 increase in the personal allowance to £12,500 for 2019/20, the level originally pencilled in for 2020/21.
• A £3,650 increase in the higher rate threshold to £50,000, again targeted for 2020/21.
• A £25,000 increase in the pension lifetime allowance to £1,055,000 from April 2019.
• A one-third reduction in business rates on smaller retail premises, starting from next April.
• An increase in the annual investment allowance (AIA), from £200,000 to £1,000,000, from January…..