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Autumn Budget 2017

Posted on 24 November 2017

Autumn Budget 2017: what it means for working families

Last week Chancellor Phillip Hammond revealed the Government’s plans for the country’s finances in the 2017 Autumn Budget. But what does the Budget mean for working families? We’ve rounded up some of the highlights that could affect you.

 

Stamp duty abolished for first-time buyers

If you’re yet to climb onto the property ladder, you’ll be pleased to hear that stamp duty no longer applies to you on properties up to £300,000. For properties valued £300,001 to £500,000 you will not pay stamp duty on the value up to £300,000. So for a £325,000 home you would only pay stamp duty on the £25,000.

 

Personal tax allowance and higher rate tax threshold to be raised

As of April 2018 your tax-free personal allowance will increase to £11,850 (currently £11,500). Additionally, the threshold for paying higher rate tax will be increased from £45,000 to £46,350.

 

National living wage rise

From April 2018 the national living wage will rise from £7.50/hour to £7.83/hour.

 

Waiting time cut for universal credit

From February 2018 the standard wait for your first universal credit payment will be cut from 6 to 5 weeks. Additionally, if you are in financial difficulties you can get an advance of a full month’s payment within 5 days (previously half a month’s payment); this advance is to be paid back in low standard payments over 12 months.

 

Widows and widowers can reclaim backdated marriage tax allowance

If you are recently bereaved you could be entitled to £100s in backdated marriage tax allowance, by up to four years.

 

300,000 new homes per year

An additional £15.3bn in funding has been set aside for house building (bringing the total to £44bn). Additionally the Government plans to build 5 new ‘garden’ towns.

 

More investment in maths and science education

£27m will go towards improving how maths is taught in schools, with £350,000 of extra funding given to every specialist maths school set-up. The total number of qualified computer science teachers will increase from 4,000 to 12,000.

 

Free school transport extended (England)

If your children are eligible for free school meals and attend a selective school, they too will be eligible for free school transport.

 

More funding for new schools (England)

£320m of funding has been earmarked for new free schools and grammar schools.

 

Sugary drink tax

In a bid to stem childhood obesity, many high-sugar soft drinks will be taxed at 24p per litre.

 

Funding for women returning to work

£5m in funding will go to supporting people returning to work after a career break.

There are of course many other changes that may affect you and your family. Visit gov.uk for more information.