Abolishing stamp duty land tax (SDLT) on homes under £300,000 for first-time buyers from 22 November
Government to scrapping Stamp Duty Land Tax (SDLT) for first-time homebuyers,
Personal allowance will rise with inflation to £11,850 from April 2018
The personal allowance – the amount you earn before you start paying income tax – will rise from £11,500 to £11,850.
The National Living Wage and the National Minimum Wage will increase
The National Living Wage for those aged 25 and over will increase from £7.50 per hour to £7.83 per hour from April 2018. Over 2 million people are expected to benefit. For a full-time worker, it represents a pay rise of over £600 a year.
Duty on beer, wine, cider and spirits will be frozen
The cost of a pint of beer or cider will be 1p lower than if duty had risen by inflation. The cost of a typical bottle of wine will be 6p cheaper.
Cheap, high-strength cider will be subject to a new band of duty.
Duty on tobacco will rise
The duty on cigarettes will increase by 2% above inflation. Hand-rolling tobacco duty will increase by 3% above inflation.
95% of passengers will not see an increase in their Air Passenger Duty
Air Passenger Duty will be frozen for all economy passengers and all short-haul flights. It will rise for premium fares on long-haul flights, and on private jets.
Households applying for Universal Credit will get more upfront support
Households in need who qualify for Universal Credit will be able to access a month’s worth of support within five days, via an interest-free advance, from January 2018. This can be repaid over 12 months.
Claimants will be eligible for Universal Credit from the day they apply, rather than after seven days. Housing Benefit will continue to be paid for two weeks after a Universal Credit claim.
Low-income households in areas where private rents have been rising fastest will receive an extra £280 on average in Housing Benefit or Universal Credit.
VAT
Consultation on threshold of £85,000 at which small businesses pay VAT.
Digital Tax
- £200m a year extra from income tax on UK sales.
- Target £1.2bn a year in lost VAT from online shopping
Source: gov.uk, theguardian.com