Chancellor George Osborne has now delivered his Autumn Statement 2015.
Here’s our summary of the key measures effecting personal finance.
Tax credits: Tax credit taper rate and thresholds remain unchanged. The Chancellor has promised to achieve the £12 billion per year on welfare savings.
State pension: From April 2016, the basic state pension will rise to £119.30 per week. The single state pension will be set at £155.65 a week next year.
Digital tax accounts: Individuals will have their own digital tax account by the end of the decade.
Capital gains tax: Capital gains tax will have to paid within 30 days of completing disposal of residential property from 2019.
Housing benefit: Housing benefit for new social tenants will be capped at the same level as private sector.
Stamp duty: Stamp duty will be 3% higher on the purchase of additional properties including second homes.
Shared ownership: Restrictions on shared ownership will be removed, with the planning system reformed to deliver more homes.
Help to Buy scheme: Londoners with a 5% deposit will be able to get an interest-free loan worth up to 40% of value of a newly built home.
Childcare: Funding for 30 hours of free childcare for working families with 3 and 4 year olds from 2017.
Support will be available to parents working more than 16 hours week, with incomes of less than £100,000.
Nigel Holland said:
“I agree with George Osborne’s plan to reduce the budget deficit and by reshaping the state it will help the economy. Generally the public sector does not produce as efficiently as the private sector. I also think that by creating a levy board it will provide a voice for business on how money is spent. This is good news.
It is beneficial for businesses that there has been an extension of small business relief for another year. Overall the autumn statement should be welcomed.”