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2017 Autumn Budget - All You Need To Know!

A 'steady-as-she-goes' Budget

You can download and read our summary of the key announcements in the Chancellor’s 2017 Autumn Budget statement here. We hope you find it useful and interesting.

First budgets of a new parliament are traditionally the dramatic ones in which
the Chancellor dispenses the unpalatable medicine of tax increases. However, for a variety of reasons, Mr Hammond did not follow the norm.

Far from increasing the Exchequer’s income, the Budget Red Book reveals a net tax giveaway of just under £1.6 billion in the coming tax year.

  • First time buyers of residential property outside Scotland will pay no stamp duty land tax on the first £300,000 of the purchase price for a home, provided its value does not exceed £500,000.
  • Businesses that occupy more than one floor in a building that have been affected by the so-called ‘staircase tax’ will be able to ask for their valuations to be recalculated so that they are based on previous practice backdated to April 2010. This will include those who lost small business rate relief.

  • All gains on non-residents’ disposals of UK property will be brought within the scope of UK tax. This will apply to gains accrued from April 2019. There will be targeted exemptions for such institutional investors as pension funds. 

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    THINK AHEAD

    Half of any interest tax relief for personal buy-to-let borrowing will be limited to a 20% tax credit from 2018/19. Make sure you understand the impact of this latest change on your overall tax position.