Autumn Budget 2017: What you need to know

22 November 2017

The Chancellor Philip Hammond has given his Autumn Budget to Parliament today. Here is a round-up of all the important news and information to come from the speech.

Autumn Budget 2017: The Moneywise view – Stamp duty was the safest rabbit – pensions tax relief would have been too dangerous a beast
“Thank goodness for stamp duty abolition. Now, if we can only make use of our new millennial railcards and cut down on avocados, we’ll be able to buy properties,” chorus first-time buyers around the country. Or something like that.

Autumn Budget 2017: Spreadsheet Phil’s best jokes
Chancellor Philip Hammond has been accused of doing today’s Budget like a best man's speech.

‘Stealth tax’ to hit millions of savers, says former pensions minister
Millions of savers using products such as endowments and ‘whole of life’ insurance policies, could lose out under a tax change detailed in this week’s Autumn Budget.

Share scheme win for employees on maternity leave
The Chancellor of the Exchequer, Philip Hammond, has included provisions to increase the Sharesave contribution ‘holiday’ period from six months to twelve months in his Autumn Budget.

£400 increase in capital gains tax allowance
The annual capital gains tax (CGT) allowance will increase to £11,700 for the 2018/19 tax year.

EIS offers the only investment break of the Budget
Today’s Budget contained very little news, good or bad, for investors and savers: certainly nothing to encourage pension saving, and nothing even about Isa allowance limits increasing in line with inflation as they have done in previous years. 

Government to fix student loans overpayment issue
The government is to change the student loans repayment system to prevent graduates from being overcharged after they have paid off their student loan.

‘Buy-to-leave’ landlords face empty homes tax
Philip Hammond has pledged to tackle the problem of people sleeping rough on Britain’s streets by introducing a tax on ‘buy-to-leave’ landlords.

Tax break for married couples extended to widows and widowers
The marriage allowance is to be extended to widows and widowers, it’s been revealed in today’s Budget document.

Package to fix ‘dysfunctional housing market’
Philip Hammond made fixing the “dysfunctional” housing market the cornerstone of his Autumn Budget, with the goal of restoring “the dream of homeownership for a new generation”.

Modest easing of pressure for UK’s small businesses
No VAT threshold cut for country’s 5.5 million small companies.

Pension tax relief changes shelved for another year
Today’s Budget was relatively quiet for pensions.  Many experts were surprised that Philip Hammond did not tinker with pensions to raise cash. In fact, the one measure - raising the lifetime allowance was a small tax giveaway of £16,500 for people with very large pensions.

Households need more support ahead of pension auto-enrolment contribution rise
Chancellor Philip Hammond missed the opportunity to give households more financial support ahead of upcoming increases to the amounts workers will be paying into their workplace pension.

Freeze on alcohol, fuel, and air passenger duties but tobacco duty to rise
Drinkers, drivers, and economy flight passengers may welcome news that alcohol, fuel, and air passenger duties have been frozen, Chancellor Philip Hammond has announced in his Autumn Budget.

Stamp duty tax break ‘could have gone further’
Chancellor Philip Hammond saved the best bit of news for potential homeowners until the end of his Budget speech, announcing that the government is abolishing stamp duty land tax on homes under £300,000 for first-time buyers with immediate effect.

Government boosts personal allowance and minimum wage – what you’ll receive in 2018/19
Chancellor Philip Hammond has announced an increase in the personal allowance and higher rate tax band, while the national living wage and minimum wage will also rise in the next tax year.

Millennial railcard confirmed for those aged 26 to 30
A railcard enabling those aged between 26 and 30 to save a third on fares will be launched next spring, it has been confirmed today.

Budget 2017 predictions: Will the Chancellor take from the old to give to the young?
Find out which predictions were made ahead of the budget. 

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