Autumn Budget 2017 Reaction: Tax Rates and Allowances
Chancellor Philip Hammond delivered his second Budget of 2017 to Parliament this afternoon. We have created a video and a series of short blogs on various tax and business related Budget announcements to help clarify some of the details behind the headlines.
Tax Rates and Allowances
Income tax rates and allowances for the 2018-19 tax year are confirmed as:
|Higher rate threshold||46,350|
|Income limit for personal allowance withdrawal||100,000|
|Additional rate threshold||150,000|
|Dividend – Basic rate||7.5%|
|Dividend – Higher rate||32.5%|
|Dividend – Additional rate||38.1%|
The capital gains tax (‘CGT’) annual exemption will rise to £11,700 p.a. from April 2018.
No changes announced to CGT or inheritance tax (‘IHT’) rates and the IHT nil rate band remains frozen at £325,000 per individual.