32 million people better off as key legislation passes final hurdle
The Finance Bill 2018-19 receives Royal Assent.
32 million people will pay less income tax than in 2015-16, after the government바카라 사이트™s Finance Bill 2018-19 received Royal Assent yesterday (12 February 2019), paving the way for measures from last year바카라 사이트™s Budget to be introduced in the spring.
Financial Secretary to the Treasury, Mel Stride, said:
The country can be proud of its hard work.
The government바카라 사이트™s balanced approach since 2010 has produced a stronger, fairer economy in which people and businesses can thrive. With wages growing at their fastest pace in over a decade, the income tax changes in the Finance Act will ensure that people can keep more of their hard-earned cash.
This Finance Act 2019 comes in against a backdrop of the highest wage growth in a decade, a deficit cut by four fifths since 2010, and nine consecutive years of growth.
A basic rate taxpayer will pay over £1,200 less income tax than they did in 2010, thanks to the government바카라 사이트™s changes, giving people more help with the cost of living.
As well as cutting taxes for millions of people a year earlier than planned, fuel duty has been frozen for a ninth year in a row, and beer, cider and spirits duty have also all been frozen.
The act means first-time buyers will be eligible for relief from stamp duty on shared-ownership homes, to help them realise their dream of owning their own homes.
And businesses will benefit from a new capital allowance for qualifying non-residential structures and buildings and an increase to the Annual Investment Allowance to £1 million for two years 바카라 사이트“ helping to maintain our economic success by increasing investment and productivity.
Finally, the government바카라 사이트™s commitment to a fair and sustainable tax system is further realised in this Finance Bill, through making individuals or entities that reduce their tax bill by holding intangible property in low-tax jurisdictions liable to pay the tax they owe in the UK, making non-residents liable for capital gains tax on the sale of all immovable UK property, and introducing rules to prevent firms fragmenting profits between unrelated entities to avoid tax.