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