Budget 2018 – Don’t get burned on your “holidays”!
Some of the headline tax changes in today’s Budget 2018 include:
- Stamp duty on commercial property increased from 2% to 6% from midnight
- Consanguinity relief reducing stamp duty on transfers of agricultural property between relatives
- CGT holiday holding period reduced from 7 to 4 years for properties acquired between December 2011 and 2014
- Cosmetic changes to income tax and USC rates and tax credits
- Share option scheme for key employees of SMEs from 1 January 2018 – CGT rather than income tax on gains
- Leasing of solar panels to qualify for CAT / CGT reliefs
- VAT refund scheme for charities
- Miscellaneous changes to corporation tax reliefs on green energy assets and write off of IP costs
- No BIK on electric motor vehicles
- Sugar tax and increases in excise duties
Lastly, with an increase in the VAT rate on sunbed services to 23%, we’ll just have to go with the bottle or abroad on our holidays now for that healthy glow! It’s a pity a reduction in the VAT rate on sunscreen didn’t accompany the change to promote skin cancer prevention.
In recent times, the “good” news has been announced in the Budget, with the “bad” news and finer details reserved for the Finance Bill. This will be published next week and, as co-author and co-presenter of the ITI’s annual Finance Bill series of seminars and book, we will be updating you on the detail as it emerges.