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The Chancellor Philip Hammond delivered his Autumn 2017 Budget on Wednesday. This summary analyses the main changes likely to affect NFDA’s members.
Preparing for Brexit
A further £3 billion were set aside to ensure that the government can continue to prepare effectively for EU exit. Additionally, £1.5 billion of additional funding will be made available in each of 2018‑19 and 2019‑20. Departmental allocations for preparing for EU exit in 2018‑19 will be agreed in early 2018, while departmental allocations for 2019‑20 will be agreed later in 2018‑19, when there is more certainty on the UK’s relationship with the EU.
VAT & Brexit
Businesses currently benefit from postponed accounting for VAT when importing goods from the EU. The government said that will take this into account when considering potential changes following EU exit and will look at options to mitigate any cash flow impacts.
Ultra-low emission vehicles
£200 million will be invested by government and will be matched by private investment into a new £400 million Charging Investment Infrastructure Fund. The Government is committed to electrifying 25% of cars in central government department fleets by 2022. Also, £100 million will guarantee the continuation of the Plug-In Car Grant to 2020.
Connected and Autonomous Vehicles (CAVs)
The Budget confirmed that the government will reform road laws to allow self-driving cars on UK roads by 2021. Regulations will be detailing how driverless cars can be tested without a human safety operator. In addition, the National Infrastructure Commission (NIC) will also launch a new innovation prize to determine how future roadbuilding should adapt to support self-driving cars.
In support of the National Air Quality Plan published in July, the government will provide £220 million for a new Clean Air Fund. This will allow local authorities in England with the most challenging pollution problems to help individuals and businesses adapt as measures to improve air quality are implemented. The government is launching a consultation alongside Budget on options that could be supported by this fund. This will be paid for by:
In relation to the VED, government will:
Corporation tax: The corporation tax remained unchanged at 19%, which is the lowest in the G20
Fuel Duty: The rise in fuel duty scheduled for April 2018 was cancelled. Fuel duty was frozen for the eight-consecutive year.
Personal Allowance: The tax-free personal allowance will rise by £350 to £11,850, while the threshold for paying the 40 per cent rate will increase from £45,000 to £46,350.
Benefits in kind electric vehicles: From April 2018, there will be no benefit in kind charge on electricity that employers provide to charge employees’ electric vehicles.
The Fuel Benefit Charge and the Van Benefit Charge will both increase by RPI from 6 April 2018.
Fuel duty will be frozen for the eighth consecutive year in 2018-19
The government will review whether the existing fuel duty rates for alternatives to petrol and diesel are appropriate, ahead of decisions at Budget 2018. In the meantime, the government will end the fuel duty escalator for Liquefied Petroleum Gas (LPG). The LPG rate will be frozen in 2018-19, alongside the main rate of fuel duty.
Business rates: The Government will be ‘increasing the frequency with which the Valuation Office Agency (VOA) revalues non-domestic properties by moving to revaluations every three years following the next revaluation, currently due in 2022’.
The Budget and the Industrial Strategy set out the government’s plan to “build an economy fit for the future”. Some of the key changes include:
The government has confirmed that they “will continue to work with employers on how the apprenticeship levy can be spent so that the levy works effectively and flexibly for industry, and supports productivity across the country”.
National Minimum Wage
The government will increase the National Living Wage by 4.4% from £7.50 to £7.83 from April 2018