The 2017 Autumn Statement
Philip Hammond’s first Autumn budget could be described as one for the “millennial” generation, with a clear focus on attempting to solve the UK housing shortage.
The main headline was the news that he has immediately abolished stamp duty for first time buyers on the first £300,000 when they purchase a property with a purchase price of up to £500,000. The other highlights were:
Housing– Philip Hammond has pledged £44 billion to support the housing market over the next five years with the goal of delivering an average of 300,000 new homes per year.
Growth– The 2017 UK growth forecast has been downgraded from 2% to 1.5%
Brexit- The government have pledged that a further £3 billion will be set aside to cover Brexit over the next 2 years.
Inflation- The annual rate of inflation (CPI) is forecast to fall from 3% to 2% later this year.
Income Tax- The tax free personal allowance will rise to £11,850 in April 2018 and the higher-rate tax threshold will increase to £46,350.
Pensions- the budget confirmed that the pensions Lifetime Allowance will increase as expected (in line with CPI) from April 2018 to £1,030,000.
Council Tax- There will be up to 100% council tax premium on empty properties.
Diesel Cars- The vehicle excise duty for diesel cars not meeting the latest standards to rise one band from April 2018. Vans excluded.
Technology- There will be significant investment in 5G mobile networks, fibre broadband and artificial intelligence including driverless cars.
For more information on the above, please refer to our more detailed guide below.
If you would like to discuss how any of the Budget announcements may affect your financial plans, please do contact us.