We've outlined some key details and summarised Wednesday's Budget, to help you separate the wheat from the chaff.
With so many constraints and the lessons of March firmly in mind, the Chancellor was predictably cautious but, as usual, there were a few surprises, both good and bad:
- An exemption from SDLT on the first £300,000 of property value for first-time buyers (outside Scotland) buying homes worth not more than £500,000
- A £1,350 rise in the higher rate threshold for 2018/19, to £46,350, moving towards the 2020/21 target of £50,000. However, this will not apply fully to Scotland, which sets its own higher rate threshold for non-savings and non-dividend income and, in 2018/19, may well reveal its own income tax rates on its Budget Day, 14 December
- A £400 increase in the capital gains tax annual exemption to £11,700
- The first inflation- linked increase in the lifetime allowance, to £1.03m – and no changes to the annual allowance
- Higher tax on diesel company cars, but no tax charge on workplace supplied electricity to recharging of employees’ electric or hybrid vehicles.
The 2017 Autumn Budget Round Up was produced by Technical Connection if you require personal advice on how the budget affects you we strongly recommend you seek Independent Financial or Tax Advice.
To read our 2017 Autumn Budget Round Up in full open the attached document
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