Autumn Budget 2018 on a page - KPMG United Kingdom
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Autumn Budget 2018 on a page

Autumn Budget 2018 on a page

Following the Chancellor's Autumn Budget we have compiled the key announcements for businesses, employers and individuals.

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Partner, Head of International Tax and Tax Policy

KPMG in the UK

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Budget 2018 On a Page

Our 'on a page' document covers all the key measures from the Autumn Budget 2018.

Download our quick guide to the Budget, covering the big topics for businesses, employers and individuals.

Businesses

  • Digital Services Tax at 2 percent of revenues for tech giants with global revenues of at least £500 million from April 2020     
  • Targeted relief for goodwill on the acquisition of businesses with eligible intellectual property from April 2019
  • No Intangible Fixed Asset (IFA) degrouping charge from 7 November 2018 where degrouping is the result of a share disposal that qualifies for Substantial Shareholding Exemption (SSE)
  • Capital losses offset restricted to 50 percent of gains from April 2020  
  • £1 million Annual Investment Allowance for calendar 2019 and 2020
  • 2 percent Structural Buildings Allowance for contracts entered into on or after 29 October 2018 

Employers

  • IR35 extended to medium & large private sector businesses from April 2020
  • Employment Allowance restricted to businesses with NIC bills below £100,000 from April 2020

Individuals

  • Entrepreneurs Relief qualifying period increased to 2 years and 5 percent interest in distributable profits and net assets required
  • No abolition of Class 2 NICs in this Parliament
  • January 2019 consultation on 1 percent Stamp Duty Land Tax (SDLT) surcharge for non-residents buying residential property in England and Northern Ireland

Key rates

  • Personal allowance £12,500 from 2019 
  • 40 percent tax rate threshold £50,000 from 2019
  • National living wage £8.21 from 2019
  • £85,000 VAT registration threshold maintained until April 2022
  • No changes to rates of income tax, dividend tax, capital gains tax and corporation tax
  • Pensions lifetime savings allowance rises to £1,055,000 from 6 April 2019

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