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Budget highlights

First time buyers of residential property outside Scotland will pay no stamp duty land tax on the first £300,000 of the purchase price for a home, provided its value does not exceed £500,000.

The personal allowance will rise to £11,850 and the higher rate tax threshold for the UK (excluding non-savings, non-dividend income in Scotland) will rise to £46,350 for 2018/19.

The pension lifetime allowance will be increased from £1 million to £1.03 million from April 2018. There will be no change to the annual allowance.

Venture capital trusts*, enterprise investment schemes* and seed enterprise investment schemes* will be required to focus more on companies where there is a real investment risk.

The diesel supplement for company cars will be increased from 3% to 4% from April 2018.

Online marketplaces will become jointly and severally liable for unpaid VAT of UK traders as well as overseas traders.

There will be several changes to business rates, notably dealing with the ‘staircase tax’ and introducing valuations every three years.

THE VALUE OF PENSIONS AND INVESTMENTS CAN FALL AS WELL AS RISE AND YOU CAN GET BACK LESS THAN YOU INVESTED.

*THESE INVEST IN ASSETS THAT ARE HIGH RISK AND/OR DIFFICULT TO SELL. THEY ARE ONLY APPROPRIATE FOR EXPERIENCED AND SOPHISTICATED INVESTORS WHO UNDERSTAND THE RISKS.

TAX TREATMENT VARIES ACCORDING TO INDIVIDUAL CIRCUMSTANCES AND IS SUBJECT TO CHANGE.

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