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Autumn 2017 Budget

The Chancellor Philip Hammond delivered his budget on 22 November.  The only significant tax changes announced were to Stamp Duty:-

  • Abolition of Stamp Duty for first-time buyers purchasing properties worth up to £300,000
  • For purchases between £300,000 and £500,000, the first £300,000 will be exempt from stamp duty for all first- time buyers, with the remaining £200,000 incurring stamp duty at 5%.
  • The new rate will apply in England, Wales and Northern Ireland immediately. The Scottish government will need to decide if it wishes to follow suit.

As far as income tax is concerned no major changes were anounced:-

  • The tax free personal allowance will rise to £11,850 in April 2018.
  • The higher rate threshold will increase to £46,350 in April 2018.