The Chancellor has announced a steady as you go Autumn Budget.
We have pleasure in enclosing our summary of the key announcements in the Autumn Budget 2017.
The highlight of his mildly expansionary package was a new stamp duty land tax relief for first time home-buyers. As long as the consideration for the property is no more than £500,000, first time buyers will pay no Stamp Duty on the first £300,000 and above that they pay the normal rates.
The Chancellor decided against attacking pension tax reliefs – leaving the annual allowance unchanged and actually increasing the lifetime allowance next tax year from £1 million to £1.03 million in line with inflation.
There will be some changes to venture capital trusts and enterprise investment scheme investments. The main change is that from April next year, these schemes will have to focus on investments where capital is genuinely at risk, rather than being protected.
As usual the government has introduced several provisions to counter both tax avoidance and evasion. Personal service companies – IR35 – are again in the Chancellor’s sights, with a strong possibility that the tax rules recently applied to the public sector will be extended into the private sector.
Company cars have received some attention. There has been the normal uplift to charges for the coming tax year; and in addition drivers of cars with diesel engines will generally have to pay even more.
If you have any questions about the summary’s contents or how any aspects of your tax and financial planning may be affected by the Budget, please call us to discuss them.
For any mortgage-related queries, our in-house specialist will be happy to help. Please call Stefan Olingschlaeger on 01273 922136
We hope you will find the summary useful and interesting.
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