Proposed tax rates and allowances for 18/19

The Chancellor of the Exchequer in his Budget Statement has proposed the tax rates and allowances for 18/19. These rates are not final, however for those who wish to plan for 18/19 the proposed rates are a useful point of reference.

Maybe you are considering remuneration planning options or perhaps looking to purchase a new car? If so then the information on the income tax and NIC bands, reduced dividend allowance, increased car benefits rates and revised limits on car CO2 emissions for capital allowances will be particularly useful.

With the Spring Statement on Tuesday 13th March 2018 the government will respond to the updated OBR forecast for the economy and the public finances therefore the projections are only a proposal. The Chancellor voiced that the government will consider longer-term fiscal challenges and start consultations on how these can be addressed. Predominantly, the government has stated that it will retain the option to make changes to fiscal policy at the Spring Statement if the economic circumstances require it. All of this means that whilst most of the figures and bands for the tax system are now available and as detailed, the Spring Statement could change these.

Click here to see the full proposed statement