Autumn Budget 2017 – What to expect
The new Autumn Budget will replace the Autumn Statement this year and will be delivered on Wednesday 22nd November 2017. The Autumn Budget outlines the fiscal forecasts from the Office for Budget Responsibility (OCR), planned tax changes for Tax year 2018/2019 and future years.
What are we expecting from the Autumn Budget? We won’t have a concrete answer until the 22nd November, however in response to the UK Spring Budget, there is likely to be a shake up with tuition fees, student loans and pensions. Along with a pledge from Hammond to inject £10 billion of funding for the Help to Buy scheme. Stamp Duty is seen as a deterrent to home movers and puts pressure on the UK housing market, therefore there have been calls for stamp duty to be removed for older homeowners. This would encourage people to downsize and free up the much needed space for younger families. Pension tax relief could also be under the microscope as currently relief is linked to the income tax rate of a saver, meaning higher tax payers receive 40% relief, whereas basic rate payers are given 20% relief.
We will publish an overview of the budget in due course – in the mean time the following link provides more information Autumn Budget 2017