Hammonds ‘Balanced approach’ – the key points:

 

Business

  • £500m to go towards a 5G mobile network, fibre broadband and AI
  • 1% increase in Benefit in Kind on diesel company cars
  • Vehicle Excise Duty to go up by 1 band from 2018 on cars that don’t meet the standard

 

Northern Ireland

  • Extra £650m to be available to NI executive

 

Living Wage

  • From April 2018 Living Wage to increase from £7.50 to £7.83

(4.4% increase)

 

Excise duty on cigarettes & Alcohol

  • Minimum duty on cigarettes will increase by 2% above retail price index
  • Duty on most ciders, wines, beers and spirits will be frozen
  • High strength white ciders to be increased

 

Fuel duty

  • Fuel duty rise scheduled for April 2018 has been cancelled – Fuel duty will now be frozen

 

Taxation

  • Personal tax free allowance to increase to £11,850 from April 2018
  • Basic rate tax band to be extended – 40% tax threshold rises to £46,350 from April 2018
  • 1% increase on Benefit in Kind on diesel company cars

 

 

VAT

  • VAT registration threshold will not be reduced for the next two years, and will be maintained at £85,000.
  • Clamp down on VAT fraud committed by on-line retailers

 

Property

First-time buyers – stamp duty abolished on homes up to £300,000.

 

Technology

 

    • £20bn of new investment in UK knowledge-intensive industries.
    • £2.5bn from the business bank.
    • Encourage pension fund investment
    • Boost to Enterprise Investment Schemes.
 

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