Yesterday, the Chancellor delivered the 2017 Autumn Budget. There were not too many surprises delivered on the day, much of what came out was expected. However, we have endeavored to take some key points from the Budget which would affect the types of clients we deal with:
- Beer, wine and non-white ciders – duty frozen.
- Scrapped fuel duty rise – no increases from April 2018.
- Personal Tax Allowance – up to £11,850 in line with inflation from April 2018.
- Higher rate threshold increased to £46,350.
- National Living Wage increased to £7.83p from April 2018, up from £7.50p currently.
- VAT Threshold to remain at £85,000 for 2 years.
There was some good news for future first time buyers as well, with stamp duty being abolished for those looking to buy for the first time on a home up to the value of £300,000.
We will continue to digest the information from yesterday and deliver and update when necessary.