Budget 2017 bullet point round-up
- 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 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
- VAT threshold to remain at £85,000 for next two years
- Business rates pegged to CPI inflation rather than RPI
- 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
- £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
- £2.8bn extra funding for NHS
- £10bn capital investment for hospitals
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