Autumn Budget 2017 – Is it a welcome change for you?

Posted on November 23, 2017 by Wylie & Bisset

On 22 November 2017 Philip Hammond set out his first Autumn Budget. Billed as a Budget for the future he sought to focus on incentives for the science and technology sector, keeping Britain on track in terms of competitive corporation tax and incentives for first time buyers in a bid to boost the national housing market. Despite fears to the contrary he maintained the VAT threshold for the next two years albeit he will look to review it over time.

Whilst he also confirmed increased Personal Allowances and an increase to the Higher Rate Threshold we will have to wait and see if these will be extended to Scotland when the Scottish Budget is revealed in December. Likewise we will have to wait and see if the Scottish Government will also incentivise first time house buyers with changes to the LBTT system here akin to the announcements made on SDLT.

For full details of the Chancellor’s announcements follow the link below.

Autumn Budget

If you have a question concerning any of the issues covered in this summary, or would like advice on a particular area, please contact our Head of Tax, Catherine McManus. catherine.mcmanus@wyliebisset.com

 

Autumn Budget 2017 – Summary

Share