Budget Summary

Overall, a fairly unremarkable budget which is to be welcomed for the relative clarity it provides. The key points, combined with measures already announced, relative to personal financial planning are as follows: Property The headline of the Chancellor’s budget was the abolition of stamp duty for first time buyers on properties worth up to £300,000 (and for properties worth up to £500,000 no stamp duty will be payable on the first £300,000). This should be a welcome saving for those looking to take their first step on the property ladder and is effective immediately. Only buyers who have never owned a home before will qualify and if a property is being purchased jointly, both buyers will ne

What to Expect From This Weeks Budget

Stamp Duty Reforms There is speculation that, in order to unclog the slowing property market, the chancellor might announce stamp duty reforms. Perhaps targeted to assist first time buyers and those over normal retirement age. Pensions The ongoing threat of an overhaul in pension tax relief has not abated. A reduction in the annual allowance could be on the cards, with the aim of restricting tax relief for higher earners. If the Chancellor is willing to take a more revolutionary approach, we could see a move towards a flat rate of tax relief, at say 30%. A number of changes are already planned for April 2018 which include: Dividend Tax The planned cut in the annual tax free dividend allowanc

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