5 Budget measures you may have missed
6th December 2017
The chancellor’s decision to abolish stamp duty for most first-time buyers on all properties worth up to £300,000 understandably grabbed the headlines in a rather subdued Autumn Budget 2017.
However, buried in the small print were a range of other measures that didn’t feature in the speech itself on 22 November 2017.
This blog will run you through 5 measures you may have missed.
Mileage rates for landlords
In an attempt to reduce bureaucracy for landlords, the government is to extend the option to use mileage rates to calculate a deduction for motoring expenses.
Previously, landlords could only technically claim a deduction for actual motoring expenses incurred and capital allowances for the cost of the vehicle.
Capital gains payment window delayed
Plans to force people to pay capital gains on residential property sales within a 30-day window have been pushed back until April 2020.
Therefore, if you have any gains to report in 2018/19 you will do it either through your annual self-assessment tax return (usual deadlines apply) or using HMRC’s real-time capital gains tax service.
Stamp duty on additional properties
While stamp duty was boosting the spirits of aspiring first-time buyers, the government was amending the higher rate of stamp duty on second homes and buy-to-let properties.
The changes, which took immediate effect, provide relief to divorced couples seeking to buy a new home while maintaining an interest in a shared residence due to a court order.
Marriage allowance extension
The marriage allowance is to be extended to widows and widowers.
Legislation will be introduced in the forthcoming Finance Bill to enable individuals whose spouse or civil partner is deceased to make a claim.
Provided the entitlement conditions are met, the claim can be backdated for up to 4 years.
Self-assessment points system
The government is to adopt a points-based system, similar to that used to accumulate penalty points on your driving licence, for those who file late self-assessment tax returns.
It also plans to consult on whether to simplify penalties and interest due on late repayments in a bid to ensure the system is fair and universally effective across all different taxes.
If you have questions about Autumn Budget 2017, talk to us on 0117 973 3377 or email firstname.lastname@example.org to speak to an adviser.
Alternatively, you can read our Autumn Budget 2017 report in full.