The following duties remain unchanged:
• fuel duty
• beer, and still and lower-strength cider
• spirits
• short-haul air passenger duty.
The following duties will increase by inflation (as measured by RPI) with effect from 1 February 2019:
• wine
• high-strength cider.
The personal allowance increases from £11,850 to £12,500 from 6th April 2019. The allowance will also remain at this level for the 2020/21 tax year.
The basic-rate limit increases from £34,500 to £37,500 from 6th April, 2019.
Consequently, this will increase the higher-rate tax threshold from £46,350 to £50,000. This limit will remain in place for the 2020/21 tax year.
The starting rate band for savings will remain at £5,000 for the 2019/20 tax year.
To understand how announcements made in the Budget on 29th October, 2018 will affect your financial situation, read on....
The main rate of corporation tax remains at 19% for 2019/20.
The intention to cut the rate of corporation tax to 17% in 2020/21 was reiterated.
The annual investment allowance will be temporarily increased from £200,000 to £1M for a two-year period from 1st January, 2019.
