Skip to main content

BUDGET STATEMENT 2018

By November 1, 2018January 26th, 2021Government issues, Member News & Updates

A round up of key #Budget2018 points for business –

  • Hammond says he will halve the contribution to the apprenticeship levy for smaller firms from 10% to 5% in a £695m package to support apprenticeships.
  • The minimum qualifying period for entrepreneurs relief will extend from 12 months to 2 years.
  • From April the National Living Wage will rise again, by 4.9%, from £7.83 to £8.21.
  • The Personal Tax Allowance will rise to £12,500 and the Higher Rate Threshold will rise to £50,000 from April 2019.
  • A freeze on fuel duties for the ninth successive year, bringing the total saving to the average car driver to over £1,000, and to the average van driver to over £2,500. 
  • From April 2020 Air Passenger Duty will be indexed in line with inflation, but there will be no change in the duty rate for short-haul flights.
  • A further £500m for the Housing Infrastructure Fund, to unlock 650,000 homes.
  • Support for the British High Street, including a £675m Future High Streets Fund and a new mandatory business rates relief for public lavatories and Help for small shops by cutting business rates by a third for all retailers in England with a rateable value of £51,000 or less. That will mean an annual saving of  up to £8,000 for up to 90% of all independent shops, pubs, restaurants and cafes“.
  • £1.6bn of new investments to support the modern #IndustrialStrategy, ranging from nuclear fusion to quantum computing.
  • To support British exports an increase @UKEF’s direct lending facility by up to £2bn.

For more info:

https://www.gov.uk/government/news/budget-2018-24-things-you-need-to-know

https://www.gov.uk/government/publications/budget-2018-documents