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The Chancellor's Surprise Giveaway

Whether or not you believe the Chancellor is right to say that “Austerity” is coming to an end , he certainly surprised most commentators with a number of his announcements.

Off payroll working reforms to be extended from the private sector

Since the reforms for off payroll working were introduced for the public sector, there has been the expectation that this would eventually be introduced to the private sector.

Research & Development payable tax credit restriction

In this weeks budget the Chancellor has announced a re-introduction of a restriction to the amount of R&D tax credit relief that can be claimed. This is aimed at preventing abuse of R&D tax relief for small and medium-sized enterprises (SMEs).

Changes to Capital Gains Tax Entrepreneur’s Relief

There were many predictions before this week’s Budget that the Government considered that the 10% capital gains tax rate that applies to the first £10m of gains made by entrepreneurs on business assets was too generous and would be reined in.

Annual investment allowance increase for capital allowances

The amount of “up-front” tax relief which is available for capital expenditure on plant and machinery, equipment and fixtures and fittings (but not property assets) has been up and down like a yoyo for the last 4-5 years, and this year is no exception.

Unexpected changes to the capital gains tax regime

In his final scheduled Budget before Brexit, the Chancellor Philip Hammond announced a couple of unexpected changes to the capital gains tax regime and reliefs which are currently available to owners of residential property which was once their main residence.

Shared Ownership- Pleasant surprise for first time buyers

In a move which will come as a pleasant surprise to first time buyers of shared ownership homes, the Chancellor Philip Hammond announced that stamp duty on shared ownership homes which cost up to £500,000 is to be abolished from 29 October 2018.

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