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Home » News & Insights » Key Points of the Autumn Budget 2017

Key Points of the Autumn Budget 2017

Posted on 22nd November 2017

Key Points of the Autumn Budget 2017

Business

  • No change in VAT threshold
  • Indexation Allowance for Capital Gains frozen after January 2018
  • Business tax increases to be pegged to CPI instead of RPI
  • National Living Wage rises again to £7.83
  • Research & development Tax Credit increasing

Personal

  • Diesel car owners will be hit with higher Company Car Tax of 1%, but not vans
  • Existing Diesel owners to pay more road tax
  • No increase in fuel duty
  • Income tax personal allowances rising to £11,850
  • Higher Rate income Tax threshold increasing to £46,350
  • Stamp Duty removed for first-time homebuyers for homes up to £300,000
    • Also, in London, no Stamp Duty on the first £300,000 for homes up to a total value of £500,000
  • Controversial Universal Credit benefits system tweaked

Other

  • No increase in most forms of alcohol duty
  • Short haul Air Passenger duty frozen
  • Sets aside a further £3bn to prepare for Brexit
  • OBR revises down growth forecasts
  • Mixed fiscal forecasts: better in short term, worse further out
  • Extra funding for training of Maths teachers

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Disclaimer:- The information contained herein is given by way of general guidance only and no action should be taken solely on the basis of the information contained herein. The Avanti Group (UK) Ltd will be pleased to provide further guidance on the issues, and how they might affect you. No liability is accepted by the firm for any action taken without seeking appropriate professional advice

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