This week Chancellor Philip Hammond delivered the Budget, outlining the Government’s new financial plans.
In case you missed it, here is a summary of the main points and how they will affect you.
Stamp duty changes
Stamp duty has been scrapped for first-time buyers on homes worth up to £300,000 with immediate effect.
The move will save first-time buyers up to £5,000 on property purchases.
In addition, first-time buyers in London and other expensive areas will no longer pay stamp duty on the first £300,000 of homes worth up to £500,000.
Personal tax allowance threshold raised
From April 2018, the personal allowance income tax allowance will be raised from £11,500 to £11,850, saving basic rate taxpayers £70 a year.
The change means taxpayers will have to earn £11,850 before they pay any income tax.
It was also announced that the threshold for paying the higher rate of income tax will rise from £45,000 to £46,350.
The Government announced that it will trial a railcard for people aged between 26 and 30.
From 6th December, 10,000 cards will be made available to those living in the Greater Anglia area, with the scheme due to be rolled out nationwide next year.
The card will cost £30 and will entitle passengers to a third off rail fares.
Unlike the 16-25 card, the new card will be digital only – available via the Railcard app.
Tax hike on new diesel cars
In a bid to reduce air pollution, it was announced that there would be a tax increase on new diesel cars which don’t meet latest emission standards.
Buyers purchasing a new diesel car from 1st April 2018 will have to pay up to £500 more in road tax in the first year of owning the vehicle.
For a cost breakdown, Money Saving Expert has produced a table which outlines how the changes may affect you.
Fuel duty frozen
Fuel duty for petrol and diesel cars has been frozen for the 8th year in a row.
The announcement effectively cancels the planned increase which was scheduled to come into force in April 2018.
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