Chancellor Philip Hammond delivered the Autumn Budget earlier this week, with financial implications for the vast majority of people.

We will be running through the key points from the Autumn Budget, with a focus on taxation, housing and welfare…

The personal allowance threshold (at which income tax is charged at 20%) will increase from £11,850 to £12,500 in April 2019
The 40% tax threshold will also increase from £46,350 to £50,000 in April 2019
The two thresholds will then rise with inflation
The National Living Wage will increase to £8.21 from April 2019

First-time buyers purchasing shared equity homes of up to £500,000 will be eligible to claim first-time buyers’ relief
Up to 650,000 new homes are to be built after £500 million has been pledged to the Housing Infrastructure Fund
New partnerships with housing associations in England will aim to built 13,000 new homes

Work allowances for universal credit will be increased by £1.7 billion
As many as 2.4 million working families with children could benefit by £630 per year
An extra £1 billion will be made available to help welfare claimants to transfer to the new consolidated benefit

A 2% “digital services tax” will be applied to UK revenues of big technology companies (with global sales of £500m), to be brought into effect in April 2020
The business rates bill for companies with a rateable value of £51,000 or less will be cut by a third over two years. This will benefit 90% of independent shops, pubs and restaurants, cutting their bills by around £8,000
£900 million has been set aside for business rates relief for small businesses, and a further £650 million has been pledged to rejuvenate High Streets

For a full breakdown on the key Budget announcements, head over to the BBC website.

You may also like...