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Autumn Budget 2017

23rd November 2017

Autumn Budget 2017

Philip Hammond delivered his second budget as Chancellor yesterday. Here are some of the key points from the budget:

Housing & Stamp Duty

  • Stamp Duty to be abolished for first time buyers on properties valued up to £300,000, in England & Wales from 22 November 2017.
  • Stamp Duty will also be exempt on the first £300,000 of properties worth up to £500,000 for first time buyers. This is to help first time buyers in expensive areas (such as Oxfordshire).

Companies

  • Research & Development Expenditure Credit to be increased from 11% to 12%, from 1 January 2018.
  • The EIS investment limit is to be doubled for ‘knowledge intensive’ companies.
  • National Minimum wage to be increased from £7.50 an hour to £7.83.
  • VAT threshold to be held at £85,000 for two years.

Personal Tax

  • Personal Allowance to increase to £11,850.
  • Higher Rate Tax threshold to increase to £46,350.

Other Key Points

  • GDP Growth forecasts for the next five years have been slashed by up to a quarter.
  • Tax on Diesel cars raised from April 2018 but vans won’t be affected.
  • Duty on beer, wine, spirits and most ciders will be frozen.

If you would like to discuss the changes in further detail, please contact John Holland or any member of our team.