Autumn Budget 2017: Private jet and business class travellers face soaring air passenger duty (APD) November 22, 2017 Calls to slash air passenger duty to keep Britain competitive as it leaves the European Union were not acceded to by the chancellor today. Instead, Philip Hammond announced in his Autumn Budget that short-haul APD rates for 2019-2020 will remain frozen, as they have been since 2012. The long-haul rate for economy passengers will also [...]
Budget 2017: Economic forecasts do not include Brexit divorce bill November 22, 2017 Economic forecasts relied on by chancellor Philip Hammond in his Budget make no allowance for a so-called Brexit divorce bill, likely adding a significant extra burden to public finances. The independent Office for Budget Responsibility (OBR), which produces the forecasts, said: “No allowance for any one-off or ongoing EU exit-related payments – the ‘divorce settlement’ [...]
Autumn Budget 2017 at-a-glance guide: All the announcements by chancellor Philip Hammond you need to know November 22, 2017 Chancellor Philip Hammond has unveiled the Autumn Budget, saying the UK must “seize the opportunities” for Britain and promised to invest “to secure a bright future”. Now we’ve heard plenty about what was expected from today, from a concerted focus on housing, to a regulatory revamp for driverless cars and a slew of tech spending. [...]
Budget 2017 UK: Philip Hammond targets tech giants Apple, Amazon, Google and Facebook on tax avoidance to raise £200m a year November 22, 2017 The chancellor has put tech firms firmly in his sights, announcing a change to the way online businesses are taxed from which he hopes to boost the government’s coffers by £200m. Philip Hammond said he will introduce a “tax on royalties” that means companies will have to pay tax on royalty payments that are made [...]
Stamp duty abolished for first-time buyers on purchases of up to £300,000 November 22, 2017 The government has used the Autumn Budget to abolish stamp duty for first-time buyers on purchases of up to £300,000. First-time buyers will also receive a stamp duty holiday for the first £300,000 on purchases up to £500,000. Read more: Come again? Two-thirds of Nimbys are worried about rising house prices Launching the policy, the [...]
Autumn Budget 2017: Chancellor bows to pressure to freeze alcohol duties November 22, 2017 Philip Hammond has bowed to industry pressure to freeze alcohol duties, except on some cheap high-strength drinks. The chancellor announced the move today in his Budget statement, saying that the freeze was in recognition of the role that pubs play in British society as well as the squeeze on household budgets. It comes after repeated [...]
Autumn Budget 2017: Hammond promises to replace European startup investment from the EIF with new fund post-Brexit November 22, 2017 A new fund from the British Business Bank was announced today by chancellor Philip Hammond, to help UK startup businesses grow in scale. Hammond promised that the UK would remain on the front line of technology and innovation post-Brexit, and that the government would “stand ready to replace EIF [European Investment Fund] lending if necessary”. [...]
Autumn Budget 2017: Boost to North Sea oil as government plans to introduce key tax change next year November 22, 2017 North Sea oil and gas producers received a boost from the government today as chancellor Philip Hammond announced tax changes aimed at increasing investment. In the Autumn Budget, Hammond revealed the government would introduce transferrable tax history for oil and gas fields in the North Sea from November 2018. Currently, the history of tax paid [...]
Autumn Budget 2017: Government to investigate tax on single-use plastics November 22, 2017 Plastics are set to come under scrutiny as the chancellor today announced plans to investigate charges on single-use plastic items. Philip Hammond said he would work with environment secretary Michael Gove to look into how the tax system and charges on single-use plastics could reduce waste. “The UK led the world on climate change agreements [...]
Carillion share price rises despite Canadian backer dumping big slug of shares November 22, 2017 One of Carillion’s largest shareholders sold a big stake in the ailing contractor yesterday evening. Canadian fund manager Letko, Brosseau & Associates sold millions of Carillion shares, reducing its interest from 4.61 per cent to 3.46 per cent a stake of 15m shares. A regulatory announcement on the matter was made at 12.30pm today. Shares [...]