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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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