Autumn Budget 2017 summary

Published November 23rd, 2017

Stamp duty to be abolished for first-time buyers:

To assist those in London and other areas where the average house price is higher than the average nationally, the first £300,000 of the cost of a £500,000 purchase by all first-time buyers will be exempt from stamp duty, with the remaining £200,000 incurring 5%.  95% of all first-time buyers will benefit, with 80% not paying stamp duty at all.

This reduction will apply immediately in England, Wales and Northern Ireland although the Welsh government will have to decide whether to continue it when stamp duty is devolved in April 2018.  It will not apply in Scotland unless Scottish government decides to follow suit

More than £44bn for building new homes and regeneration. 

Philip Hammond pledged £44bn in overall government support for housing to meet target of building 300,000 new homes a year by the middle of the next decade.  An additional £400m was committed to regenerate housing estates and £1.1bn to unlock strategic sites for development

Council tax increase on empty properties

Councils were given powers to charge 100% council tax premium on empty properties

Growth forecast downgraded

The growth forecast for 2017 downgraded from 2% to 1.5%

VAT threshold for small businesses held

Threshold to remain at £85,000 for two years

Investment committed to improving connectivity infrastructure

£500m support for 5G mobile networks, full fibre broadband and artificial intelligence