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,

CH4 9QR

01244 952090

enquiries@whiteoakfp.co.uk

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01244 952090

White Oak Financial Planning
Regus House

Herons Way
Chester
CH4 9QR

White Oak Financial Planning Ltd is an Appointed Representative of Blackstone Moregate Ltd which is authorised and regulated by the Financial Conduct Authority, FCA registration number 459051.