Oct 29, 2018

Budget 2018: What it means for you

Some 25.6 million of these taxpayers pay income tax at the basic rate. The higher rate of tax, which starts to be paid at £46,350 at the moment, will start at £50,000 in April, also 12 months earlier than was pledged. The Treasury believes a third of people claiming self-employed status as a "Personal service company" are actually working in the same way as employees and should pay more income tax and national insurance. What we already knewThe gradual process allowing people to pass on property to their descendants free from some inheritance tax will enter its third year. Many buy-to-let landlords are seeing the amount of tax relief that they can claim on mortgage interest payments cut over the course of four years.

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