Rely on the most comprehensive, up-to-date legal content designed and curated by lawyers for lawyers
Work faster and smarter to improve your drafting productivity without increasing risk
Accelerate the creation and use of high quality and trusted legal documents and forms
Streamline how you manage your legal business with proven tools and processes
Manage risk and compliance in your organisation to reduce your risk profile
Stay up to date and informed with insights from our trusted experts, news and information sources
Access the best content in the industry, effortlessly — confident that your news is trustworthy and up to date.
With over 30 practice areas, we have all bases covered. Find out how we can help
Our trusted tax intelligence solutions, highly-regarded exam training and education materials help guide and tutor Tax professionals
Regulatory, business information and analytics solutions that help professionals make better decisions
A leading provider of software platforms for professional services firms
In-depth analysis, commentary and practical information to help you protect your business
LexisNexis Blogs shed light on topics affecting the legal profession and the issues you're facing
Legal professionals trust us to help navigate change. Find out how we help ensure they exceed expectations
Lex Chat is a LexisNexis current affairs podcast sharing insights on topics for the legal profession
Discuss the latest legal developments, ask questions, and share best practice with other LexisPSL subscribers
A summary of the key business tax announcements made in the Chancellor’s Budget on 29 October 2018.
LexisPSL subscribers can access all analysis and insight on Budget 2018. If you are not a subscriber, you can take a free trial here.
The Chancellor of the Exchequer, Philip Hammond, delivered his Budget on 29 October 2018. Breaking with tradition, this Budget was delivered on a Monday afternoon rather than the usual Wednesday lunchtime slot (with the government having denied that the move to Monday was to avoid a Halloween Budget and the inevitable gift to headline writers, although the Chancellor couldn't resist squeezing in a few Halloween jokes into his speech). This was also earlier in the year than usual for an Budget in the autumn, in order, we understand, to avoid a clash with the final stages of Brexit negotiations.
In the midst of the rising political pressure surrounding the Brexit negotiations, the Chancellor hadn’t been expected to announce any major new tax initiatives in this Budget. However, the well-publicised ‘end of austerity’ heralded at the Conservative Party conference and increased spending commitments to the NHS had fuelled some speculation about revenue-raising moves that the Chancellor might take.
Contrary to what some had speculated, however, the Chancellor announced that the government would not be scrapping or even pressing pause on the Conservative Party’s manifesto pledge to further increase both the tax free personal allowance and the higher rate tax threshold. On the contrary, in characteristically upbeat delivery, and boosted by the latest OBR forecasts, the Chancellor announced that the government would meet its pledge to increase the tax-free personal allowance to £12,500 and the higher-rate tax threshold to £50,000. Furthermore, it would do so in 2019–20, one year earlier than planned. In addition, despite rumours circulating around entrepreneurs’ relief and calls for the relief to be scrapped, the Chancellor chose to emphasise the importance of encouraging entrepreneurship.
Access this article and thousands of others like it free by subscribing to our blog.
Read full article
Already a subscriber? Login
0330 161 1234