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
The Valuation Office Agency (VOA) has announced changes to business rates for solar PV systems and these new rates are set to come in to force in April 2017.
One of the intentions of the Planning Act 2008 was to make the permitting of major infrastructure projects more straightforward by combing planning consent and the Compulsory Purchase Order (CPO)
The current local electricity distribution network has been supplying North Shropshire with electricity reliably for many years. But with future growth plans in the region planned up to
In the energy industry a lot is being said about the development in battery storage technology. After the fall in renewable incentives a lot of focus is being given to
The economic viability of commercial rooftop solar installations could be severely damaged next year under plans to increase business rates taxes by up to eight times the current levels following
As at the start of February 2016, many farmers will not have received their 2015 BPS payments. The RPA is under increasing pressure to make these payments and we
