In 2013 HMRC introduced the controversial scheme to make high earners repay some or all of their child benefit, even where the high earner (over £50k annual income) in a couple does not receive the benefit.
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.
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.
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.
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.
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).