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Autumn Budget 2017

22nd November 2017

              Autumn Budget 2017 

              Stamp duty and housing

              • Stamp duty to be abolished immediately for first-time buyers purchasing properties worth up to 300,000
              • To help those in London and other expensive areas, 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
              • 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
              • 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
              • Councils given powers to charge 100% council tax premium on empty properties
              • Compulsory purchase of land banked by developers for financial reasons
              • 400m to regenerate housing estates and 1.1bn to unlock strategic sites for development
              • Review into delays in developments given planning permission being taken forward

              Personal taxation and wages

              • Tax-free personal allowance on income tax to rise to 11,850 in April 2018
              • Higher-rate tax threshold to increase to 46,350

                National Living Wage to rise in April 2018 by 4.4%, from 7.50 an hour to 7.83.

              Universal Credit reforms

              People claiming universal credit will now wait,  35 days rather than 42 before they get their first payment.

              It's helpful to think of the current waiting period before people can receive their first universal credit in three chunks:

              • Four weeks to assess how much someone has earned in the last month
              • An administrative week set aside to process the payment
              • A further seven "waiting days" during which claimants are not eligible for any benefit - this is what the chancellor is scrapping

              The four weeks is more or less baked into the design of the system. Universal credit was designed to be paid in arrears once a person's monthly income has been assessed. Changing this feature would have required a fairly significant change to the whole structure of the benefit.