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The following tables contain the proposed tax rates and allowances for 2018/19. Please be aware that these rates are not yet final.

For those of you planning ahead for 2018/19 the proposed rates are a useful point of reference. Maybe you are considering remuneration planning options or perhaps looking to purchase a new car? If so then the information on the income tax and NIC bands, reduced dividend allowance, increased car benefits rates and revised limits on car CO2 emissions for capital allowances will be particularly useful.

Why are the rates and allowances only proposals?

The Spring Statement will take place on Tuesday 13 March 2018 at which time the government will respond to the updated OBR forecast for the economy and the public finances. The Chancellor has said that the government will consider longer-term fiscal challenges and start consultations on how these can be addressed. Importantly, the government has stated that it will retain the option to make changes to fiscal policy at the Spring Statement if the economic circumstances require it. All of this means that whilst the majority of the figures and bands for the tax system are now available and as detailed, the Spring Statement could change these.

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tax rates and allowances for 2018/19

We will be providing you with the finalised 2018/19 rates and allowances following the Spring Statement. Please contact us if you require advice in the meantime.

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Jo Grant

Jo is the Senior Marketing Manager at Shorts Chartered Accountants.

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