Budget Summary Nov 2017

Here are some of the more pertinent points when thinking about finance that came up in the budget.

Savings Band

•  Frozen at £5,000

•  General ISA limit remains frozen at £20,000

•  Junior ISAs and Trust Funds will be increased in line with CPI to £4,260

Income tax

•  Basic rate rises to £11,850 from April; 40% threshold increases to £46,350.

•  Chancellor has previously pledged to increase basic rate to £12,500 by 2020.

•  Personal Allowance to increase to £11,850 (April 2018)

Pensions

•  Lifetime allowance for pensions – The lifetime allowance for pension savings will increase in line with CPI, rising to £1,030,000 for 2018-19.

•  Basic State Pension will be increased by 3% (£3.65 per week)

•  New State Pension also be increased by triple lock (£4.80 per week)

Marriage Allowance

•  The ability to transfer up to 10% of unused personal allowance to partners will now be allowed where the partner had died before making the claim. Claims can be backdated by 4 years.

Capital Gains

•  Freeze allowance

VAT

•  Consultation on threshold of £85,000 at which small businesses pay VAT

Housing

•  100% council tax premium on empty properties

Stamp Duty

•  Abolished for first-time buyers on homes up to £300,000, and on the first £300,000 of properties up to £500,000 from immediate effect

White Oak Financial Planning, Regus House, Chester Business Park, Chester, Cheshire,

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