22nd November 2017

Financial Budget 2017 Highlights

• Stamp Duty Land Tax has been abolished for all first-time buyers for houses up to £300,000. Buyers will pay £5,000 less on purchases between £300,000 and £500,000.
• The government will provide a £44bn capital investment to boost the housing market. There should be 300,000 homes being built every year by the mid-2020s which is the highest level since the 1970s.
• The government are considering a tax to single-use plastic items such as packaging and polystyrene takeaway boxes due to the popularity of the 5p plastic carrier bag ‘tax’.
• There will be extra funds and tax incentives for electric car drivers including a new £400m charging infrastructure fund.
• Diesel cars will be hit by additional tax if they don’t meet air quality standards.
• Maths and Technical education will get an investment of £406m.
• National Living Wage will rise by 4.4% from £7.50 to £7.83 an hour from next April.
• The basic rate income tax threshold will rise from £11,501 to £11,850 from April next year. The higher rate threshold will rise from £45,001 to £46,350.
• The 26-30 National Railcard is also confirmed to be introduced.
• There will be an increase in tax on low-quality alcoholic drinks. Tax on other alcoholic drinks including wine, beer, spirits and expensive cider will be frozen.
• The NHS will give an extra £2.8bn to NHS England with £350m given immediately with the balance fully paid by 2020. Nurses will be given a pay review, if not an immediate pay rise.
• The government will bring forward the uplifting of business rates based on the CPI inflation index by two years saving business £2.3bn.
• The government will make a £500m investment in 5G and full fibre broadband.