22 November 2017
Press ReleasesChancellor Philip Hammond stood up before his peers this afternoon (22 November) to announce the 2017 Autumn Budget, which he described as creating “an economy fit for the future,” though what he said did not signal many major changes. “Whilst nothing rocked the boat, nothing really floated it either,” said Thames Valley accountants James Cowper Kreston, “though those looking to buy their first house will be pleased by the Stamp Duty Land Tax announcement.”
First time buyers have perhaps come out on top with the abolition of Stamp Duty Land Tax on purchase consideration paid of up to £300,000, which includes where the actual purchase price is up to £500,000.
Innovative technologies, such as driverless cars and AI, will also see increased support as the government continues to move towards a digital economy.
Sharon Bedford, Business Tax Partner at James Cowper Kreston said: “The region’s technology companies also stand to benefit with more government investment planned into R&D and improvements to R&D Tax Credits and the Enterprise Investment Scheme.”
There is also particularly good news for those in the Oxfordshire area; government backing of the new Oxford-Cambridge expressway means the construction of an estimated 100,000 new homes in the area by 2031.
Mr Hammond has also announced that there will be another £3bn which will be set aside in order to deal with any challenges faced by Brexit.
With no mention of the gig economy, and a lack of understanding of where the funds to support the new budget will be coming from, there are many who have been left feeling uninformed.
Winners:
Losers:
