Following the delivery of Philip Hammond’s highly-anticipated second Autumn budget as chancellor, we’ve summarised some of the key points to take from his speech.
- £2.3 billion to enact changes to CPI from RPI brought forward to 2018.
- Following the next revaluation, future revaluations to take place every three years.
- Staircase tax: businesses affected will have original bill reinstated.
- Discount for pubs (with a value below £100,000) extended by one year to March 2019.
- Tax-free personal allowance to rise to £11,850 by April 2018
- Higher-rate tax threshold to rise to £46,350
During his speech, the Chancellor announced the allocation of £2.8 billion to the NHS in England.
- Stamp duty to be abolished for first-time buyers purchasing properties worth up to £300,000
- In London and more expensive regions, the first £300,000 of the cost of a £500,000 purchase by first-time buyers will be exempt from stamp duty
- 80 percent of all first-time buyers will not pay stamp duty
- Target of 300,000 homes to be built yearly by the mid-2020s
- £44 billion pledged in government support inc. loan guarantees, to boost construction skills
- 100 percent percent council tax premium on empty properties
- A commitment to end rough sleeping by 2027
£28 million for Kensington and Chelsea council to provide counselling services and mental health support for victims, and to support regeneration efforts of the surrounding area.
The Northern Powerhouse
- Chancellor announces £30m to improve digital connectivity on the trans-Pennine route.
- A New city deal for the West Midlands
— HM Treasury (@hmtreasury) 22 November 2017
Hammond looks to aiding the younger generation and first-time buyers. As a result, Stamp Duty abolished for first-time buyers on homes up to £300,000, and on the first £300,000 of properties up to £500,000.
In addition, as part of a bid for the conservative government to win over younger voters, Hammond also announced a New Railcard extended to 30 years old.
Duties on Wine, Spirit and Beer
— Investment Observer (@InvtObserver) 22 November 2017
For the full details of the Autumn budget 2017, see here.