Today the Chancellor announced the latest Budget, describing it as aiming to “help families to cope with the cost of living”. The headline item was a reform of stamp duty for first time buyers, immediately removing the duty on properties up to £300,000, although analysts said that this would primarily benefit existing homeowners. Income tax rates were adjusted, with an increase of £350 for the personal allowance and an increase of £1,350 to the higher tax rate.
Budget 2017 : The Key Points
- Growth forecast for 2017 downgraded from 2% to 1.5%
- Stamp duty to be abolished immediately for first-time buyers purchasing properties worth up to £300,000
- Higher-rate tax threshold to increase to £46,350
- Tax-free personal allowance on income tax to rise to £11,850 in April 2018
- Fuel duty rise for petrol and diesel cars scheduled for April 2018 scrapped