Philip Hammond delivered his second Budget yesterday. Those hoping for sweeping giveaways might be a little disappointed, but there is some good news at least for first-time buyers.
Here we take a look at some of the Chancellor’s key points that could impact your finances:
- Stamp duty will be abolished immediately for first-time buyers purchasing properties worth up to £300,000. In London and other expensive areas, the first £300,000 of the cost of a £500,000 purchase by all first-time buyers will be exempt from stamp duty
- Tax-free personal allowance will increase from £11,500 to £11,850 in April 2018
- Higher-rate tax threshold will rise from £45,000 to £46,350 in April 2018
- The National Living Wage for those aged 25 and over will increase from £7.50 per hour to £7.83 per hour from April 2018
- The Government will publish a consultation in 2018 on how to make the taxation of trusts “simpler, fairer, and more transparent”
- The marriage allowance allows taxpayers to transfer up to 10% of their unused income tax personal allowance to their partner, reducing their tax bill by up to £230 a year in 2017-18. The Government will now allow claims in cases where a partner has died before the claim was made. These claims will be able to be backdated by up to four years
And on a final note, those interested in their high quality spirits will be pleased to know that a bottle of whisky will be £1.15 cheaper in 2018.