Blog: Budget 2018 at a glance

Chancellor Philip Hammond declared that austerity was coming to an end by delivering good news for taxpayers and businesses.

But he kept everyone waiting and saved the best for last by announcing he was bringing forward increases in personal allowance and raising of the higher tax allowance.

These headline-grabbing moves were on the horizon, planned to put extra money in your pocket in April 2020.

But the chancellor, flushed with cash after better than expected tax receipts, has brought forward the tax giveaway by a year to April 2019.

What did the Chancellor do for you? Here is your Budget at a glance:

Personal

Rate at which you start paying income tax at 20% rising to £12,500 in April

The higher rate tax threshold, when you start paying tax at 40% to rise to £50,000 in April

First-time buyers’ relief extended to shared equity homes up to £500,000

Fuel duty frozen for 9th year in succession

Air Passenger Duty to increase in line with inflation

Duty on beer, cider and spirits frozen – cost of a bottle of wine to increase by 8p in February

Packet of cigarettes up by 33p

Business

Business rates bill for firms with premises with a rateable value of £51,000 or less to be cut by third over two years, benefitting 90% of independent shops, pubs and restaurants cutting bills by £8,000

Annual investment allowance to be increased from £200,000 to £1m for two years

Minimum qualifying period for entrepreneur’s relief extended from 12 months to two years

Apprenticeship levy contribution for smaller firms halved from 10% to 5% in £695 million package of support

£900m in business rates relief for small businesses and £650m to rejuvenate High Streets

Private Finance Initiative Contracts to be abolished

National living wage rising to £8.21 an hour from April

Pledge of guarantees of up to £1 billion for smaller house builders

Travel

£30 billion to be spent on repairs to potholes and motorway improvements

Air passenger duty to rise in line with inflation