2 min Read
22 Nov 2017

Written by Liam

Over 30 years experience in financial services, residential lettings and property sales. Director of a leading national estate agency chain, until leaving in 2008 to pursue other commercial interests. Vast experience in new business development, business change, management development and business strategy.

More about Liam

Budget 2017 bullet point round-up

Budget 2017 bullet point round-upEconomy

  • Growth forecast for 2017 downgraded from 2% to 1.5%
  • Annual rate of inflation forecast to fall to 2% later this year
  • Productivity growth and business investment forecast to fall
  • Annual borrowing forecast lower than original forecast at £49.9bn

Personal taxation

  • Personal allowance increased to £11,850 from April 2018
  • Higher rate tax threshold to increase to £46,350 from April 2018

Alcohol, Tobacco etc.

  • Tobacco duty to rise by 2% above inflation
  • Duty on beer wine and most ciders will be frozen
  • Duty on high strength white cider to be increased by legislation
  • Vehicle excise duty for diesel cars that do not meet latest standards to increase by one band, this will not apply to van owners, proceeds to help fund a new £220m clean air fund
  • The existing diesel supplement included in company car taxation set to rise by 1%
  • Fuel duty rise for both petrol and diesel cars scheduled for April 2018 to be scrapped
  • Air passenger duty rates for economy class passengers to be frozen paid for by an increase in rates for premium-class tickets and private jets

Business

  • VAT threshold to remain at £85,000 for next two years
  • Business rates pegged to CPI inflation rather than RPI

Housing market

  • Stamp duty abolished immediately for first-time buyers purchasing properties up to £300,000. In London and other expensive areas the first £300,000 of the cost of purchases up to £500,000 will be free of stamp duty
  • Government support of £44bn over the next 5 years including loan guarantees to boost construction skills
  • Council now have the ability to charge 100% council tax premium on empty properties
  • Ability to compulsory purchase land banked by developers for financial reasons

Universal credit

  • £1.5bn package to address issues with the delivery of universal credit including the scrapping of 7 day waiting period and increase in the repayment period for advances

Health

  • £2.8bn extra funding for NHS
  • £10bn capital investment for hospitals

 

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