(54)Taxation of self-funded work-related training – Following consultation responses indicating that tax relief is unlikely to be effective in addressing the barriers to learning or incentivising training, the government is maintaining the scope of tax relief currently available to employees and the self-employed for work-related training costs. In this Budget, the government is taking further steps to improve living standards and productivity across the UK, including targeted support in Scotland, Wales and Northern Ireland. Future revenues raised from these measures will enable investment to address single-use plastics, waste and litter to meet the government’s ambitions for resources and waste. The government also announces that: working with local partners, the government will publish an ambitious Arc-wide joint vision statement by Spring 2019the government will appoint an independent business Chair for the Arc to provide expert advice and act as an advocate and champion to help galvanise local, national and international support for the Arc, particularly from business and industrythe government will also appoint a Ministerial Champion for the Arc, to provide further focus and facilitate coordination across WhitehallHousing Infrastructure Fund – The government will invest £291 million from the Housing Infrastructure Fund to unlock over 18,000 new homes in East London through investment in the Docklands Light Railway. Unless stated otherwise, the decisions set out are ones which are announced at the Budget. Employment levels have continued to increase in 2018, reaching a new record high in the three months to May 2018, and have remained around this level since. To build on the UK’s position as a world leader in innovation and new technologies, the Budget also announces £1.6 billion in science and innovation including investment in Artificial Intelligence (The government is backing business and entrepreneurship by increasing access to finance for private sector investment and helping people who want to start and grow businesses. This reform will only apply to taxes collected and held by businesses on behalf of other taxpayers (Tax abuse and insolvency – Following Royal Assent of Finance Bill 2019-20, directors and other persons involved in tax avoidance, evasion or phoenixism will be jointly and severally liable for company tax liabilities, where there is a risk that the company may deliberately enter insolvency. Total Managed Expenditure (Chart 2 shows the different sources of government revenue.
The deficit has fallen to its lowest level since 2001 and debt has started its first sustained fall in a generation. This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. The Budget demonstrates the government’s commitment to building an economy that boosts the prosperity and real wages of people throughout the UK. At that time this equated to £20.5 billion more a year in real terms by 2023-24, an average real growth rate in the NHS’s budget of 3.4% a year; taking the NHS budget from £114.6 billion in 2018-19 to £147.8 billionThis settlement will enable the NHS to plan for its future and support it to deliver the world-class care that people want and expect. (73)Profit fragmentation – As announced at Autumn Budget 2017, the government will legislate in Finance Bill 2018-19 to introduce targeted legislation that aims to prevent UK businesses from avoiding UK tax by arranging for their UK-taxable business profits to accrue to entities resident in territories where significantly lower tax is paid than in the UK.
0000080392 00000 n The taxable UK profits will be increased to the actual, commercial level. The government announces in this Budget that:the Housing Revenue Account cap that controls local authority borrowing for house building will be abolished from 29 October 2018 in England, enabling councils to increase house building to around 10,000 homes per year. The measures in this Budget build on the continued roll-out of UC, offering greater protection for people moving from legacy benefits and increasing the UC Work Allowances by £1,000 from April 2019.