Philip Hammond has delivered his first Autumn Statement. What does this mean for your money?
By Ed Monk, 25 November 2016
The Treasury has been busy in the 24 hours since the Autumn Statement squashing talk of any such change to the tax relief system.
Autumn savings and investment webcast
Growth – Forecast to slow from 2.1% in 2016 to 1.4% in 2017 due to lower investment.
Income Tax – Personal allowance to be raised to £12,500 and higher rate threshold to £50,000 by 2020.
Corporation Tax – Cut to 17% by 2020.
Housing – New Housing Infrastructure Fund of £2.3billion by 2020-21.
Savings Bond - New savings bond through NS&I with proposed interest rate of 2.2% over three years.
ISAs - As previously announced the annual ISA allowance will increase to £20,000 from April 2017.
Money Purchase Annual Allowance – This will be reduced from £10,000 to £4,000 from April 2017.
Fuel Duty – Freeze on fuel duty from April 2017 for the seventh successive year.
Insurance Premium Tax – This will rise from 10% to 12% next June.
Budget – Following the Spring Budget future Budgets will be delivered in the Autumn, replacing the Autumn Statement.
Source: HM Treasury Spending Review and Autumn Statement, November 2016.
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