Budget 2018: At a glance

Official Budget cartoon
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The Chancellor's speech was billed as the 'trick or treat' Budget, but turned out to be more of a 'bits and pieces' affair, with plenty of measures buried in the red book.

Here's a summary of the main tax and business measures. This guide will be added to over the next few days as more details emerge.

Business tax

Personal tax

Property tax

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    30th Oct 2018 08:16

    Lest we forget the way this country is headed with regards to taxation, legislation introduced with retrospective effect which appears to do nothing other than increase HMRC's ability to charge penalties:

    https://www.gov.uk/government/publications/income-tax-capital-gains-tax-...

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    to SteLacca
    30th Oct 2018 14:29

    Interesting to read the release that you would have no idea that the point (re voluntary tax returns being invalid) was one which was first argued by HMRC! See also: https://www.tax.org.uk/media-centre/press-releases/press-release-volunta...

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    30th Oct 2018 09:28

    It was interesting to hear that HMRC will now become a preferential creditor when businesses run into difficulties. I worry that it could be an incentive to push businesses that have assets over the brink rather than negotiate time to pay agreements. It could also make credit and loans harder to get.

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    to lesley.barnes
    30th Oct 2018 09:52

    But only on taxes which they have already deducted from customers, subcontractors, employees, etc. In other words, only on taxes which should never be forming part of their cashflow in the first place.

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    to lesley.barnes
    31st Oct 2018 11:13

    Fiscal liabilities must be paid. Surely! !!!!

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    30th Oct 2018 09:59

    The section on anti avoidance now has extended what is covered to:
    "avoidance, evasion, aggressive tax planning and unfair outcomes"

    A couple of years ago HMRC, defined avoidance as not what Parliament intended and planning is using tax reliefs for the purpose intended.
    So, what is aggressive tax planning and unfair outcomes?
    And more importantly who decides if aggressive or unfair?

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    to michael.lucas
    30th Oct 2018 10:39

    Unfair outcomes will most certainly be anything HMRC don't like. However as Fiscal Phil has used the word "unfair" then that will apply to all unfair outcomes that many clever dicky Accountants will pounce on. I think what is proposed is no schemes of any sort are allowed. Not such a bad thing as long as they don't say "you don't need a van this year so we are not allowing it until next year" (daft I know but you're dealing with HMRC).

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    30th Oct 2018 11:59

    Yet again attacking landlords... this measure (see Rebecca's comment -
    https://www.accountingweb.co.uk/tax/personal-tax/budget-2018-cgt-blow-fo...
    .. and all said in 2 lines of text.

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    01st Nov 2018 10:00

    Extract above
    The revised IR35 rules will not apply where the engaging business is ‘small’ but, it is not yet known how the government will define ‘small’.

    Small is good after all.

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