Autumn Statement 2018 & IHT
A few of the main points to take from Octobers budget:
• Annual Investment Allowance to rise from £200,000 to £1m for all qualifying investment in plant and machinery for two years starting from 1 January 2019.
• New non-residential structures and buildings allowance (2% capital allowance for contracts entered into after October 2018) which may help farmers and landowners invest in more modern, more efficient buildings.
• Business rate bills cut for two years by one-third for retail properties with a rateable value below £51,000.
• Woodland Carbon Guarantee scheme set up to support the planting of around 10m trees by purchasing up to £50m of carbon credits for qualifying tree planting.
• National Living Wage increasing by 4.9%, from £7.83 to £8.21 an hour, from April 2019.
• Fuel duty frozen.
• £200m of funding to help connect primary schools and libraries in rural locations to full fibre broadband, and with a voucher scheme for homes and businesses nearby.
On 23rd November the Office for Tax Simplification published its first report on recommended changes to the UK IHT regime. Planning ahead is always the best advice here, but on APR and BPR the report summary stated ‘… the OTS’s focus will be on the practical application and complexity of these reliefs rather than major changes to the reliefs themselves.’ The full report can be found here but we expect more detail into the New Year.
Related posts
In March the High Court quashed the decision of a planning inspector who had given the green light for the wind turbine on Poplars Farm in Wappenham, South Northamptonshire.
Last Thursday (27th August) DECC launched their much anticipated consultation on reviewing the Feed-in Tarrif (FiT) - and what a bombshell it was. The conservative party had clearly targeted
Today Amber Rudd, the Secretary of State for Energy and Climate Change, seems to have a taken a big step towards dropping the "Climate Change" element of her monicker,
Wilson Fearnall have obtained outline planning permission for residential development on 0.85 acres of development land off Pear Tree Lane in Whitchurch. As agricultural land, the site was given
The Rural Payments service left it until late on Friday night to formally notify registered BPS applicants that the new computer system, designed to streamline the claim submissions process,
The Government has formally committed to an outright ban on fracking in National Parks, Areas of Outstanding Natural Beauty (AONBs) and Sites of Special Scientific Interest (SSSIs) in a
