Autumn Budget 2017

By Paul
In October 10, 2017
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The Autumn Budget is fast approaching on 22nd November. Moving the budget from spring to autumn was decided to avoid major changes occurring twice a year. However, it is unclear if this will this mean that the changes each autumn will be even more major to make up for it?

Speculation around the upcoming budget announcement, would suggest that Philip Hammond is on a mission to shake things up.

Reports indicate that the primary focus will be on stamp duty. Stamp duty revenue has never been higher but housing sales are not following suit. This could be a major deterrent to people moving house, Hammond’s intention is to create a strategy to motivate the older generation to downsize and make way for new homeowners to get onto, or further up, the property ladder.

There is even reportedly a discussion of moving stamp duty from those buying to those selling. This will make properties more affordable for first-time buyers, but it will not entice those who already own homes to sell them as desired. It will be interesting to see what is decided when the announcement is made.

Another area of focus will be pensions, and in particular the tax relief associated with them. With the government being forced to maintain the triple lock, it would seem they are trying to recoup some of the lost revenue by changing tax relief to a flat rate of 33%; beneficial for low and middle rate tax payers perhaps, but not so much for higher rate tax payers.

We can only speculate now as to what will be changed. But let’s hope, with so much uncertainty around already, that Hammond considers the stability we all need as well.

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