Chancellor Philip Hammond said he’d take a “balanced approach” to his second Budget of 2017. Once again the speech was light on headline-grabbing inance changes and there were no ‘giveaways’ or major surprises.

Here are the basics of  the autumn statement 2017:

Business rates Increases to be determined by CPI, not RPI, from April 2018

Staircase tax Businesses can have their original bill reinstated and backdated

R&D expenditure credits R&D expenditure credit rises to 12% from 1 January 2018

Personal allowance Basic rate threshold rises to £11,850, higher rate up to £46,350

National living wage Increase of 4.4% brings NLW to £7.83 an hour for over-25s

Threshold frozen Threshold to remain at £85,000 for 2 years from April 2018

Anti-fraud measure All online marketplaces are jointly and severally liable for unpaid VAT of their sellers


The annual investment allowance will remain at £200,000 for 2018/19 and 2019/20. The main rate and special rate writing down allowance on plant and machinery will be 18% and 8%, respectively.


From 1 January 2018, the rate of tax relief available to companies that carry out qualifying R&D and claim the research and development expenditure credit (RDEC) will increase from 11% to 12%.

The main rate of corporation tax will remain at 19% from 1 April 2018.


The government will consult in 2018 on tackling non-compliance with the intermediaries’ legislation (commonly known as IR35) in the private sector. The purpose of the legislation is to ensure individuals who effectively work as employees, but structure their work through a company, are taxed as employees. The consultation will explore the possibility of extending the recent public sector reforms to the private sector.