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Key points from the Autumn Budget 2017

The Chancellor Philip Hammond has delivered his highly anticipated Autumn Budget speech. In addition to the economic predictions and his promise of an extra £3 billion for Brexit, there were several changes announced that will affect doctors and dentists. Here is our summary:


This article does not constitute advice. Professional advice should be taken prior to acting on any part of it.


UK growth forecast cut and borrowing down

Despite the economy continuing to grow, the Office for Budget Responsibility (OBR) has cut its forecast for UK economic growth. In March 2017, the OBR forecasted a 2% growth rate. This has been reduced to 1.5%. Growth rates for following years have also been downgraded to:

  • 1.4% in 2018
  • 1.3% for 2019 and 2020

The growth rate is expected to increase to 1.5% in 2021 and 1.6% in 2022.

Philip Hammond announced that the OBR has confirmed that the UK is on track to meet the governments fiscal rules. Borrowing is down by £8.4 billion, from what was forecasted in the Spring Budget, to £49.9 billion.

Borrowing is forecast to fall from £39.5 billion to £25.6 billion in 2022-23, the lowest it has been in 20 years.


Key points of the Autumn Budget 2017 for Doctors & Dentists

Business rates

The change to business rates from the retail prices index (RPI) to consumer prices index has been brought forward by two years, to 2018. Philip Hammond announced, “this move is worth £2.3 billion to businesses over the next five years.”

Further revaluations will take place every three years.


Living wage

From April 2018, the National Living Wage will increase by 4.4% from £7.50 to £7.83 per hour. Meaning workers can expect to see a £600 pay rise.


Personal allowance

From April 2018 the personal allowance will increase from £11,500 to £11,850. The higher rate threshold will increase to £46,350 up from £45,000.


Rent 

Philip Hammond announced that £125 million of funding will be available to help 140,000 people who are renting.


Stamp duty

The biggest surprise of the Budget is that from today, stamp duty will be scrapped for first time buyers purchasing property under £300,000. This will also be available on the first £300,000 of the purchase price for properties worth up to £500,000.

This will be a big help for many who are looking to purchase their first home, particularly those in the South-East where house prices are amongst the highest in the UK.

Summary of stamp duty costs 

Property price Pre
Budget
Post
Budget
(from 22/11/17)
£200,00 £1500 £0
£208,000 (average first time buyer price) £1660 £0
£300,000 £5000 £0
£400,000 £10,000 £5000
£410,000 (average first time price in London) £10,500 £5,500
£500,000 £15,000 £10,000
£500,000 plus Unchanged  Unchanged

Source: Telegraph

If you are a first time buyer, looking to take advantage of the new Stamp Duty rules and want to discuss your mortgage, speak with Chris, our specialist mortgage adviser. 


Tax incentives for electric cars

The Chancellor announced extra funds and tax incentives for owners of electric cars. This includes a £400m charging infrastructure fund, an extra £100m in Plug-In-Car Grant, and £40m for research into charging.


Full Summary Guide to the Budget 2017

We are in the process of producing a full summary guide to the Autumn Budget 2017. This will be available to download from Friday 24th November.

If you are on our mailing list, you will be notified automatically and can download with just one click!


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