GREAT news for first time home buyers. Finance Minister Philip Hammond spoke in parliament on budgetary arrangements.
GREAT news for first time home buyers. Finance Minister Philip Hammond spoke in parliament on budgetary arrangements. The announcement of the budget summary of the year 2017 reveals that the growth rate slowed down, but good news for the first time at homeowners.
Minister Philip Hammond announced that for the first time homeowners will not pay tax stamps for homes up to £300,000. For London and other areas were real estate are expensive, a special formula has been produced for the first time. Accordingly, it is stated that people in London and other expensive areas will not pay stamp tax for £300 thousand, however up to £500 thousand will pay 5% stamp tax for the remaining £200 thousand.
The decision to be put into effect immediately in England, Wales and Northern Ireland will be re-addressed by the Wales administration in April 2018. The exemption from stamp duty will not apply to Scotland, but if the Scottish administration wishes to do so, it will can be applied.
PERSONAL TAXES AND WAGES
From April 2018, tax-free income tax will increase to £11,850. The higher-rate tax will rise to £46,350. The national living wage will be £7.83 and increase of 4.4% on April 1, 2018.
BUSINESS AND DIGITAL
For small businesses, the VAT threshold will remain at £85,000 for two years. 5G mobile network, fiber broadband and artificial intelligence will be supported for £500 million. £ 540 million will be spent to support the growth of the electric car industry and to replicate electric charge points.
£3 BILLION FOR BREXIT
Hammond has unveiled as £ 3billion will be spent over the next two years to prepare for a Brexit no-deal. In his speech, Hammond reported that the growth rate of the country for the end of this year was 1.5% from 2.0% and from 1.6% to 1.4% for 2018.
EMPTY HOMEOWNERS AT RISK
Recalling that the necessary steps have been taken towards the increasing number of homeless people in the recent period, Hammond said that while there are a lot of empty houses, it would be unacceptable for humans to be living on the streets. Hammond added that local authorities would be authorized to increase the housing tax rate to 100% if necessary.
SUPPORT FOR HOMELESS
Hammond also noted that the government has allocated around £28 million to pilot housing projects for homeless people in cities like West Midlands, Manchester and Liverpool. Hammond voiced that the government’s goal was to reduce the number of homeless people by half by 2022, and to completely rehouse them in 2027.
RISE IN CIGARETTE PRICES
Minister Hammond pointed out that the price of tobacco products in the country would also increase, suggesting that the price of cigarettes continuing to increase by 2%.