Autumn Budget 2018
In this report, Brewin Dolphin react to the Chancellor's 2018 Autumn Budget.
Chancellor Philip Hammond heralded that the era of austerity is coming to an end in his third Budget, after discovering he had significantly more money to play with than he had expected.
Key points include:
- Pensions, savings and estate planning remain largely untouched, Brewin Dolphin regard this reprieve as a good opportunity to make the most of the tax allowances that already exist.
- A planned increase in the tax-free personal allowance to £12,500 and higher-rate threshold to £50,000 will take place a year earlier than planned.
- The personal allowance is reduced by £1 for every £2 of income above £100,000. This means your allowance is zero if your income is £123,700 or above.