Budget 2018: Key Points for Private Clients
The Chancellor's October 2018 Budget contained several significant measures for private clients, from changes to entrepreneurs' relief holding periods to extensions of SDLT reliefs.
The Chancellor delivered his Budget on 29 October 2018. Key measures affecting private clients include:
Entrepreneurs' relief
The minimum holding period for entrepreneurs' relief will increase from 12 months to 24 months with effect from 6 April 2019. Those disposing of qualifying business assets before that date will be unaffected.
Stamp Duty Land Tax
First-time buyers purchasing shared ownership properties will now be entitled to the SDLT first-time buyer relief. This applies both to new purchases and retrospectively to transactions completed on or after 22 November 2017.
Personal allowances
The personal allowance increases to £12,500 and the higher-rate threshold to £50,000 from April 2019 — one year earlier than previously announced.
Capital gains tax annual exempt amount
The CGT annual exempt amount will increase to £12,000 for individuals and £6,000 for most trusts from April 2019.
Non-resident CGT
As previously announced, NRCGT will extend to non-residential UK property and indirect disposals from April 2019. Please see our separate article for further details.