Disaster Recovery

· Main rate of corporation tax cut from 28% to 26%.
· Small profits rate of corporation tax cut from 21% to 20%.
· Personal allowance increased by £1,000 to £7,475.
· All National Insurance rates increase by 1%.
· R&D tax relief for small and medium sized companies increased from 175% to 200%.
· VAT compulsory registration turnover threshold raised from £70,000 to £73,000.
· Capital gains tax annual exempt amount raised from £10,100 to £10,600.
· Entrepreneurs’ relief lifetime cap raised from £2 million to £10 million.
· Income tax relief on investments in EIS shares increased from 20% to 30%.