With Philip Hammond delivering his third Budget as Chancellor this week here are some highlights on what the Budget 2018 means for you, specifically in terms of Property, Personal Taxation and Pension.
Property, Stamp Duty and Housing
Significant outcomes of Budget 2018 stated that for first-time buyers who are looking to purchase shared equity homes will be exempt from stamp duty on properties worth up to £500,000. This will enable more people to get onto the property ladder.
A further £500m is to be invested in the Housing Infrastructure Fund, which will enable a further 650,000 homes to be built as well as new partnerships with housing associations in England to be able to deliver a further 13,000 homes.
A year earlier than it was initially planned, the personal allowance threshold is to rise from £11,850 to £12,500 in April 2019. This is the rate at which people start paying income tax at 20%. The higher rate income tax threshold is to ride from £46,350 to £50,000 in April 2019. This is the rate at which people start paying income tax at 40%.
Pensions and Welfare
An extra £1bm has been pledged to help welfare claimants transfer to the new consolidated benefit, with work allowances for Universal Credit to be increased by £1.7bn. The new system has sparked controversy since it was rolled out in 2013. Designed to replace six benefits and merging them into one payment it was intended to ensure that people were better off in work than on benefits.
The Universal Credit includes income support, income-based jobseekers allowance, income-related employment and support allowance, housing benefit, child tax credit and working tax credit. Despite its controversy, the Chancellor insisted that the system is here to stay.
Speaking for 72 minutes, the Chancellor covered all aspects including Alcohol, tobacco and fuel, The Economy, Public Finances, Brexit, Defence and Security, Business and Digital, Education and Health (England), Transport, Infrastructure and Culture, Environment and Energy, Nations and Regions. You can read more here