The Autumn Statement 2017

5 years, 1 month ago by Oliver Atkinson

The Autumn statement was announced by chancellor Philip Hammond on the 22nd November 2017.

On the 22nd of November the Chancellor, Philip Hammond, announced a number of measures that affect small business’ and individual’s taxation.

Tax Rates & Allowances

The personal tax allowance was raised from £11,500 to £11,850 while the higher rate tax threshold was increased from £45,000 to £46,350.

Dividend Allowance

From April 2018, the tax-free dividend allowance is reducing from £5,000 to £2,000 meaning it could be beneficial to take dividends from a Limited Company before this date.

Making Tax Digital

The enabling legislation has been passed meaning that VAT registered businesses will be required to use Making Tax Digital from April

2019 National Living Wage

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.

Marriage Tax Allowance

The marriage tax allowance can now be claimed by widows or widowers and can be backdated by up to four years.

Rental Property Interest Relief

Relief will be available as follows:

Stamp Duty Land Tax

First-time buyers of homes worth between £300,000 and £500,000 will not pay stamp duty on the first £300,000. They will pay the normal rates of stamp duty on the price above that. This will save £1,660‎ on the average first-time buyer property. 80% of people buying their first home will pay no stamp duty.