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The main direct tax points from chancellor Philip Hammond’s autumn statement.
KEY POINTS
- After the 2017 spring Budget the major fiscal measures will be announced in the autumn.
- The government intends to increase personal allowances to £12 500.
- The primary and secondary thresholds for Class 1 National Insurance contributions will be aligned.
- Commitment for an extra £2bn a year in research and development tax incentives.
- Taxpayers with liabilities on offshore income gains or assets must correct their affairs by 30 September 2018 or face higher penalties.
The Chancellor of the Exchequer Philip Hammond delivered his first autumn statement speech to the
House of Commons on 23 November. Spoiler alert for anyone reading his speech in full Hammond concluded by announcing reforms to the tax policy-making process which means that this would also be his...
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