- Minimum wage: From April 2019 the National Living Wage will increase from £7.83 an hour to £8.21. An increase of 38 pence, an above inflating increase of 5%.
- Personal Allowance will rise from 11,850 to £12,500 from April 2019 and will remain the same in 2020.
- Higher Rate Threshold will increase from £46,350 to £50,000 in April 2019
- Duty on beer, cider and spirits remains frozen.
- Annual Investment Allowance will increase from £200k to £1 million from 1 January 2019 and will remain at this level till 31 December 2020.
- New Capital allowance (Structure and building allowance): Relief will be provided on eligible original construction costs incurred on or after 29 October 2018, at an annual rate of two percent (flat rate) on a straight-line basis off their profits before they pay tax.
- Business rates: Business rates will be cut by a third for two years for shops, pubs, restaurants and cafes in England with a rateable value of £51,000 and under.
Other interesting points:
- 2% digital services tax on large digital firms
From April 2020, large social media platforms, search engines and online marketplaces will pay a 2% tax on the revenues they earn which are linked to UK users.
- Non-resident landlord companies
From 6 April 2020, non-UK resident companies that carry on a UK property business, or have other UK property income, will be charged to Corporation Tax, rather than being charged to Income Tax as at present.
- Annual Capital Gains allowance increases to £12,000 for individuals.