November Budget Overview 2017
News I 24th November 2017
Budget 2017 Overview
Round-up of key measures in chancellor’s autumn budget
Chancellor Philip Hammond unveiled a series of changes on 22 November 2017, with a focus on housing. Here’s a quick summary of the measures announced:
Housing
- Stamp duty to be abolished on properties up to £300,000 for first-time buyers
- £44 billion in government support for house building
- Councils empowered to charge 100 percent council tax premium on empty properties
Personal tax
- Tax-free personal allowance rises to £11,850
- Higher-rate tax threshold increased to £46,350
- Time limits for HMRC assessments of offshore tax non-compliance tripled
Business
- VAT rate threshold for small businesses unchanged at £85,000
- Business rates rise to be pegged to CPI inflation measure, not RPI
Pensions
- Annual allowance to rise to £1.03 million from April 2018
- Comprehensive summaries of the 2017 budget can be found on the BBC and Financial Times* websites.
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