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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