Philip Hammond, Chancellor of the Exchequer, delivered the 2017 Autumn Budget on 22 November 2017. Here we look at some of the points likely to be of particular interest to our clients:
Property and Housing
- As of 22 November 2017, Stamp Duty on homes worth up to £300,000 will be abolished for first time buyers. It is estimated that this will benefit 80% of first time buyers.
- First time buyers of homes worth £300,000 to £500,000 will not pay Stamp Duty on the first £300,000. They will pay normal rates on the price over £300,000. It is estimated that these changes will save the average first time buyer over £1,660.
- There will be no relief for purchasers of property of over £500,000.
- From April 2018 the tax-free personal allowance on income tax will rise from £11,500 to £11,850 in line with inflation. This will mean that in the 2018-2019 financial year, a typical tax payer will pay £1,075 less income tax than in 2010-2011.
- The higher rate tax threshold will increase to £46,350.
- The VAT threshold for small business will remain at £85,000 for two years.
- From April 2018 rises in business rates will occur in line with the Consumer Price Index (CPI) rather than the higher Retail Prices Index.
- From 2022 business rates revaluations to take place every three years rather than the current five years.
- Transport links along the Cambridge-Milton Keynes-Oxford corridor will be improved by:
- Completing the rail link between Oxford and Bedford and Aylesbury and Milton Keynes.
- Building the Expressway road between Oxford and Cambridge.
Source: Gov.uk - Budget