Key highlights to Budget 2017
Below are the key highlights of this years autumn budget
Business
VAT threshold for small business to remain at £85,000 for two years
£500m support for 5G mobile networks, fibre broadband and artificial intelligence
£540m to support the growth of electric cars, including more charging points
A further £2.3bn allocated for investment in research and development
Rises in business rates to be pegged to CPI measure of inflation, not higher RPI
Digital economy royalties relating to UK sales which are paid to a low-tax jurisdiction to be subject to income tax as part of tax avoidance clampdown. Expected to raise about £200m a year
Personal taxation and wages
Tax-free personal allowance on income tax to rise to £11,850 in April 2018
Higher-rate tax threshold to increase to £46,350
Short-haul air passenger duty rates and long-haul economy rates to be frozen, paid for by an increase on premium-class tickets and on private jets
National Living Wage to rise in April 2018 by 4.4%, from £7.50 an hour to £7.83.
Pensions, savings and welfare
£1.5bn package to “address concerns” about the delivery of universal credit
Seven-day initial waiting period for processing of claims to be scrapped
Claimants to get one month’s payment within five days of applying
Repayment period for advances to increase from six to 12 months.
New universal credit claimants in receipt of housing benefit to continue to receive it for two weeks
Stamp duty and housing
Stamp duty to be abolished immediately for first-time buyers purchasing properties worth up to £300,000
To help those 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
95% of all first-time buyers will benefit, with 80% not paying stamp duty
Long-term goal to build 300,000 homes a year by the mid-2020s
£44bn in government support, including capital funding and loan guarantees, to boost housebuilding
100% council tax premium to be levied on empty properties
Compulsory purchase of land banked by developers for financial reasons
Review into delays in developments given planning permission being taken forward
Source: http://bmmagazine.co.uk