Autumn Budget 2017

Hammond’s Housing Budget

Philip Hammond delivered an upbeat message in his Autumn Budget statement, despite the disappointing news that growth projections for the UK economy have been revised significantly downwards. Perhaps the uncertainties associated with Brexit are now starting to bite, with businesses reining back on investment and expansion.

Home ownership was a key focus and the Chancellor aims to address this on a number of fronts in trying to achieve his very ambitious target of building 300,000 new homes per year by 2025 (a level that has only ever been reached once in the last 45 years – back in 1988).  His range of measures will include a focus on “land-banking” by the large national builders together with his flagship tax announcement that first-time buyers will be exempt from Stamp Duty Land Tax where the property costs up to £300,000 (this will save up to £5,000 for a first-time buyer and help them fund their much needed deposit).  This flagship measure will also extend to houses that cost up to £500,000 with the Stamp Duty Land Tax exemption applying to the first £300,000 of the purchase price.

There were very few tax changes for individuals and families, although improvements to the new Universal Credit (e.g. reducing the waiting time by one week) were very welcome.  One worrying “devil in the detail” is that the government is having a close look at the Inheritance Tax reliefs associated with businesses and farmland, but hopefully they will decide to leave these as they are and not withdraw them.

From a business perspective there were a number of welcome measures, including an increase in the R&D tax credit from 11% to 12% as the government aims to drive forward improvements in productivity.  Small businesses will also be pleased with the freezing of fuel duties and improvements to the business rates system. However the proposed review of the VAT registration threshold of £85,000 is a slight cause for concern (with the Office of Tax Simplification recommending a threshold of only £20,000!), although on a positive note there was a commitment that there will be no changes for at least 2 years – and as Harold Wilson said, a week is a long time in politics and it is anyone’s guess who will be the Chancellor then!

Please click here if you would prefer to read and download our Autumn Budget 2017 highlights as a pdf.

Click on the headings below to read further information on today’s announcements:

If you have any queries on the 2017 Autumn Budget please do not hesitate to contact one of our tax specialists on 01228 530913 or 01768 864466.

Speak Your Mind

*

*

Other news

Taxing Times – December 2017

6th December 2017
1 Star2 Stars3 Stars4 Stars5 Stars (1 votes, average: 5.00 out of 5)
Loading...

Christmas Charities 2017

1st December 2017
1 Star2 Stars3 Stars4 Stars5 Stars (2 votes, average: 3.50 out of 5)
Loading...

In The Know – Medical

23rd November 2017
1 Star2 Stars3 Stars4 Stars5 Stars (1 votes, average: 5.00 out of 5)
Loading...

Autumn Budget Predictions

21st November 2017
1 Star2 Stars3 Stars4 Stars5 Stars (2 votes, average: 5.00 out of 5)
Loading...

News archive

<Dec 2017>
MTWTFSS
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31

Dec 13

No events today