Last week saw the final Autumn Budget before Brexit – and there was some good and bad news for personal finances.
Here, we’ve outlined some of the main changes that will affect your personal finances, savings and pensions:
Stamp duty has been removed for shared ownership first-time buyers for properties up to £500,000, and the good news is, that if you bought after 22 November 2017, you can backdate the saving.
Help to Buy Scheme:
It’s been extended to 2023, which means more people will have the chance to own their own properties.
Personal Allowance is the amount of money you can earn before it’s taxed. It’s just been increased from £11,850 to £12,500.
A £100 rise in the personal allowance is worth £20 a year to average earners.
Higher rate tax threshold:
This has been increased from £46,350 to £50,000 but…it’s bad news for pension savers because it’ll mean that those previously in the higher-rate bracket will slip into the basic rate tax bracket. The tax relief they receive when putting money into a pension will be halved from 40% to 20%.
Can we help?
We’re working with many clients to make the most from their money through investments and tax planning.
Talk to us if you’re unsure how the Autumn Budget affects you.