Earlier today Philip Hammond delivered his second Budget as chancellor. Here are the key points of his speech and the 2017 Autumn budget.
- First-time homebuyers will no longer have to pay stamp duty for properties of up to £300,000. The chancellor announces he is abolishing the charge from today. It will also be available on the first £300,000 of the purchase price of properties up to £500,000. The relief will not apply for purchases of properties worth over £500,000.
- The chancellor says it "cannot be right" to leave properties empty "when so many are desperate for a place to live". Local authorities will now have the power to charge a 100% council tax premium on empty properties.
Alcohol, tobacco, gambling and fuel
- Tobacco tax will continue to rise at inflation plus 2% - that could see the cost of cigarettes rise by about 6%
- Duty will rise on "cheap, high strength, low quality products – especially so-called white ciders". But recognising household budget pressures and backing pubs, duties on other ciders, wines, spirits and on beer will be frozen.
- Fuel duty rise for petrol and diesel cars set for April has been cancelled
Personal taxation and wages
- Tax free personal allowance rises to £11,850 in April 2018. The higher rate of income tax-free allowance will now rise to £46,350.
- Growth forecast for 2017 downgraded from 2% to 1.5%
- 600,000 more people forecast to be in work by 2022
- £3bn to be set aside over next two years to prepare for possible outcomes of the UK leaving the EU
- £500m support for 5G mobile networks, fibre broadband and artificial intelligence
- Small business VAT threshold to remain at £85,000 for two years
- £540m to support the growth of electric cars
Education and health (England only)
- £40m teacher training fund for underperforming schools in England.
- 8,000 new computer science teachers to be recruited costing £84m
- Schools and colleges where pupils take maths or further maths at A-level or core maths will receive £600 per pupil at an expected cost of £177m
- £2.8bn in extra funding for the NHS in England
- The pressures of winter will be addressed with £350m available immediately, £1.6bn for 2018-19 and the remainder in 2019-20
- £10bn capital investment fund for hospitals
- £1.7bn transport fund for city regions to be spent by mayors
The budget in full can be found on the Government website
Topics: Commercial Contracts, Commercial Dispute and Litigation, Commercial Lease Transactions, Commercial Property Transactions, Company, Partnership and Director, Debt Collection and Recovery, Employment Law Services — Employers, Land/Property Development, Leasehold Property Management, Academy Schools, Charities and Not For Profit, Healthcare, Telecommunications Masts