Tag Archives: tax

Autumn Statement 2016: a summary

The Chancellor announced his first (and last) Autumn Statement on 23 November, and some of the main focuses were in housing, allowances and infrastructure.

We went into the streets to ask what people would do if they were chancellor. Watch the video to find out!

The main headlines – a brief summary

Housing

A £2.3bn housing infrastructure fund is to unlock land for housing, which in doing so is set to create 100,000 new homes in areas of high demand.  There’s also a further £1.4bn to build 40,000 affordable home, as well as a new venture that aims to give the Right to Buy for housing association tenants.

Continue reading

5 key takeouts from Budget 2016

tax-hat-300How will #Budget2016 affect you?  The Chancellor said “we have to act now so we don’t have to pay later”, and we’ve heard proposals for cuts, funding and changes that could affect all of us around the country in different ways.

We’ve picked out 5 key areas from #Budget2016.

–          Changes to income tax – As promised in last year’s summer budget, tax-free personal allowance will rise from £10,600 in 2015/16 to £11,000 from April. It will then go up a further £500 in April 2017 to make it £11,500 that you can earn before you have to start paying income tax.

The 40p tax threshold rises from £42,385 to £43,000, with a further increase to £45,000 in April 2017 as the Chancellor speeds up attempts to increase it £50,000 by 2020. Continue reading

How could the Spending Review affect you?

budget-family-350The Chancellor today (25 Nov) announced his Autumn Statement and Spending Review, and many of us are likely to be affected in different ways, from tax to benefits, from housing to local amenities.

Some of the headlines are:

Tax Credits/Welfare –  The planned £4.4bn cuts to working tax credits as part of plans to reduce the welfare bill by £12billion, has now been abandoned and tax credits will now remain unchanged.

The Chancellor said the £12bn of welfare savings will be “delivered in a way that helps families as we make the progression to a national living wage

The Chancellor also says that “more than a million” more jobs will be created over the next five years.

Council Tax – It’s been confirmed that local councils have the freedom to increase council tax bills by more than 2 per cent, to help pay for social care funding.

Childcare – 30 hours free childcare for 3 and 4-year-olds from 2017, to parents working more than 16 hours and earning less than £100,000.

Pensions – The basic state pension will increase by £3.35 a week next year, taking the weekly ‘single tier’ total up to £155.65 for new pensioners.

Housing –  £2bn has been set aside for more than 400,000 “affordable homes” to be built in England, to buy and to rent. Stamp duty for Buy To Let homes will be 3% higher than for regular stamp duty.

Right-to-buy is being extended to housing association tenants starting with a new pilot in five housing associations from midnight.

Help To Buy will be a shared ownership venture aimed at allowing people to get equity loans to help buy a home. London Help to Buy gives a 40% interest-free loan to first-time buyers.

Find out more about the Help to Buy ISA here

Arts & sport: Arts Council funding will be increased so as to keep free museum entry. UK sport budget will increase by 29% “so we go for gold in Rio and in Tokyo”.

So how might Budget 2015 impact you?

How will the Budget impact you?

How will the Budget impact you?

The final Budget before the General Election is here, and what does it have in store? We’ve seen announcements on pensions, tax, housing and much more that will affect all of us around the country in different ways.

Some of the headlines from Budget 2015 were:

Income tax
One big win for many is that the amount you can earn before being taxed – personal tax allowance –  was already due to increase from £10,000 to £10,600 from April, and is set to rise further  – up to £10,800 next year, and then to £11,000 the year after.

Some people will also benefit from the higher tax rate threshold – in other words, the moment you start paying 40p in the pound – being raised from £42,385 in 2014-15 to £43,300 by 2017-18, although some speculation had suggested it would go as high as £50,000. Continue reading