Saturday, 17 November, 2018

New 'Google tax' to raise £400 million a year

Chancellor of the Exchequer Philip Hammond prepares his speech in his office in Downing Street London ahead of his 2018 Budget announcement on Monday. PRESS ASSOCIATION After weeks of turmoil over Brexit Tory MPs will be looking to the Chancellor to raise party morale with his annual financial statement
Laurie Berry | 31 October, 2018, 07:09

This follows the stamp duty relief for first time buyers on the first £300,000 of any home costing up to £500,000, introduced during the last budget on November 22, 2017.

Mr Hammond also indicated he was ready to bow to the growing clamour from Tory backbenchers for extra cash to ease the transition to Universal Credit when its rolls out nationally from next year.

In particular, the funding is meant to pay for "innovative" pilot projects in rolling out fibre in rural areas, and will be centred on primary schools. Let me be clear: both of these scenarios would have significant and negative consequences for British business and the Public Finances.

£420m available to local councils to fix pot holes, says Chancellor.

The announcement was welcomed by Conservative MP Andrea Jenkyns, who quickly took to Twitter to remind her constituents of her "pothole patrol" Whatsapp hotline.

We'll update this story when the full details of the new tax emerge.

"Now we know", he said.

The tobacco duty escalator will continue to rise at inflation plus 2 per cent.

But as 2018 has so far seen the fastest increase in petrol and diesel prices since 1990, according to the RAC, any increases to fuel duty might have resulted in a backlash from motorists, especially given the positive rhetoric coming from the Treasury.

A new digital services tax of 2% on technology companies that make more than $638 million globally will come into force in the United Kingdom in April 2020.

The proposed tax would take 2% of United Kingdom revenue from companies with more than £500m of global income in three sectors: search engines, social networking, and online marketplaces.

Will Tech Start-ups Have To Pay This Tax?

Racing, Cox Plate: Chris Waller mulls Winx farewell
Alan informs listeners just how risky it can be to keep running such a valuable mare. Winx continued her dominance at Moonee Valley on Saturday.

However, there was nothing new on 5G, with 5G networks now being rolled out, with the first commercial services expected in the United Kingdom next year.

The tax will apply to the manufacturing and importing of plastic packaging which contains less than 30 per cent recycled plastic.

There will also be £150 million for a Tay Cities Deal, £120 million for a North Wales Growth Deal, £350 million for a Belfast City Region Deal and opening negotiations on Derry/Londonderry and Strabane City Region Deal.

A total of £160 million has been announced for counter-terrorism police funding for 2019/10.

When our European Union negotiations deliver a deal, as I am confident they will, I expect that the "Deal Dividend" will allow us to provide further funding for the Spending Review.

A further £1 billion of funding has been allocated to the Ministry of Defence to boost the UK's cyber capabilities, anti-submarine warfare capacity and to maintain the Dreadnought programme.

On a narrow definition, Mr Hammond's package could be seen as an "end to austerity, said Mr Johnson".

The national living wage, now £7.83 an hour, will climb to £8.21.

The chancellor has been under mounting pressure in recent months to boost funds for the flagship welfare reform, over concerns it is pushing welfare claimants into financial hardship and doubts about the Department for Work and Pensions' ability to deliver the managed migration process.

Mr Hammond still also has to fund the promised £20 billion-a-year increase in NHS funding in England over the next five years announced by Mrs May in June.

Raising the Annual Investment Allowance (AIA) from £200,000 to £1 million for the next two years, was arguable the biggest for businesses, said Mr Lamont, who added that money for the NHS, social care, Universal Credit and pot holes, all added up to a Budget appealing to the wider community. "We can only hope the Government ends up getting a deal which makes such preparations unnecessary".

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