The last planned budget before Brexit was a low key affair from the private tax point of view. We had confirmation that a number of previously announced changes (such as the application of capital gains tax on UK property to all non-residents) would go ahead and there was a general tightening up of tax reliefs (such as capital gains tax principal private residence relief and entrepreneurs’ relief). There was of course also the welcome announcement that the income tax personal allowance and higher rate threshold would be increased to £12,500 and £50,000 respectively a year earlier than planned. However, the message overall was “steady as she goes”.
We welcome Paul Davidoff, who has joined NQP as a partner.