There weren’t any major tax announcements, although Mr Hammond was able to launch a number of consultations and other papers. The subjects ranged from Making Tax Digital to Child Trust Funds and enterprise investment scheme funds.
Our summary also includes a useful recap of the key changes for the forthcoming 2019/20 tax year that have already been announced and passed into law.
April will see the usual changes to the income tax rates and allowances as well as national insurance contributions. This year, there will be another significant hike in the minimum auto-enrolment contributions for workplace pensions, further increases in the tax on company cars and another £25,000 added to the inheritance tax residence nil rate band, taking it to £150,000.
