The Chancellor has now revealed the Autumn 2018 Budget, which is the last Budget prior to Brexit.
- Higher Rate Band threshold will not kick in till £50,000 which takes into consideration the increased Personal Allowance for 2019/20 of £12,500
- The Capital Gains exemption will increase to £12,000 from 2019/20 with the rates staying the same at 10% and 20%
- IR35 private sector reprieve until 2020 for “medium and large businesses”
Entrepreneurs’ Relief minimum qualifying period has been extended to 2 years taking effect from disposals on or after 6 April 2019
- Non-UK Resident companies that carry on a UK property business, or have other UK property income, will be charged to Corporation Tax
- Payment On Accounts for Capital Gains Tax will be introduced for disposal of residential property. For UK Residents this will have effect from 6 April 2020 and for Non-UK Residents this will take effect from 6 April 2019