Chancellor Philip Hammond used his first spring budget to make a raft of changes. It was also Hammond’s last spring budget, as from this autumn the annual budget will take place towards the end of the year.

Budget 2017: 5 things you need to know

National Debt

Britain has a national debt of nearly £1.7 trillion – equivalent to around £62,000 for every household in the country.

Personal Allowance

The personal allowance will rise for the seventh year in a row to £11,500.

The personal allowance will rise for the seventh year in a row to £11,500 #Budget2017 pic.twitter.com/NDUtqn0xtx

— HM Treasury (@hmtreasury) March 8, 2017

Corporation Tax

The tax-free dividend allowance will be reduced from £5,000 to £2,000 from April next year in an attempt to address the differences between the tax paid by someone who is employed by a company and someone who is a director or shareholder of their own company.

“From April this year, it [Corporation Tax] will fall to 19%, the lowest rate in the G20. In 2020 it will fall again to 17%” #Budget2017 pic.twitter.com/QnM6iQVrw2

— HM Treasury (@hmtreasury) March 8, 2017

Women

Today is International Women’s Day, so it was nice to see a few topical announcements, including new funding for a campaign to stop violence against women and girls, money to educate young people on the history of women getting the right to vote and to celebrate the 100 year anniversary of those who made it happen. There will also be funds available to support women who are returning to work after taking a break.

Here’s all the announcements for #IWD2017 in #Budget2017 #BeBoldForChange pic.twitter.com/0np2I6tO9d

— HM Treasury (@hmtreasury) March 8, 2017

Stamp Duty

Despite there being wide support for stamp duty reform, no changes were mentioned in the budget.

John Morley, managing director, JOHNS&CO comments:

“The Government has once again ignored the views and appeals made by the industry to reverse this counter-productive tax arrangement, which will come as a disappointment to many. Stamp Duty hikes have affected the entire market, both on an international and domestic level, slowing transactions and causing many potential purchasers to put off moving altogether due to the significant costs that come with buying a new property.”

“Although the market is steady and resilient, it is being prohibited from reaching its full potential and fulfilling the increasing demand for affordable homes; it is a shame that an opportunity to significantly boost the UK economy has been missed today.”

If you have any questions or would like to discuss how the changes in the Spring Budget may affect the property industry going forward then please do get in touch to speak to one of our industry experts.

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