Budget 2017 bullet point round-up

2 min Read Published: 22 Nov 2017

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