Autumn Budget 2017

By Kieran Drew
In October 10, 2017
Comments off
257 Views

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.

Comments are closed.

Statement

Redwood Financial Family Wealth & Estate Planners Ltd is Directly Authorised and regulated by the Financial Conduct Authority. FRN number 774469.

Disclaimers

The Financial Conduct Authority do not regulate, Will Writing, Buy to Let Mortgages, Auto-Enrolment, Tax Advice and Estate Planning. Your capital is at risk. Investments can fluctuate in value and investors may not get the amount back they invest. The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK. https://register.fca.org.uk/

Contact us

Telephone: 01489 877547
Email: info@redwoodfinancial.co.uk

Company information

Redwood Financial Family Wealth and Estate Planners Ltd Company Number: 08926661
Registered Office Address: Wellesley House, 204 London Road, Waterlooville, Hampshire,