- Pension Tax relief is unchanged following this budget.
- The Pension Annual Allowance is unaffected and will remain at £40,000.
- The main ISA and Lifetime ISA allowances are unaffected, however the Junior ISA allowance will increase from £4,260 to £4,368 in April 2019.
- Personal tax allowance threshold to be increased from £11,850 to £12,500 from April 2019 with an increase from £46,350 to £50,000 for the higher rate tax threshold.
- Capital Gains Tax annual exemption is to increase from £11,700 to £12,000 in April 2019.
- The ‘end of austerity‘ – The forecast for UK growth has been downgraded to 1.3% in 2018 and raised to 1.6% in 2019.
- Fuel duty and Beer duty will be frozen, however, the cost of cigarettes and wine will increase.
- £500 million extra funds will be put towards Brexit, with the possibility of a full Budget next Spring.
- The NHS will receive £20 billion extra funding over the next five years, with £2 billion allocated to mental health.
- Business rates relief for small businesses to the sum of £900 million.
- Schools to receive extra £400 million to buy “the little extras they need”.
Budget Headlines – 2018