Autumn Statement – Personal announcements

by | Nov 23, 2016

Personal allowances

The tax-free personal allowance has been confirmed to rise to £11,500 from April 2017. The allowance will rise to £12,500 by 2020 and will continue to increase by inflation after parliament.

The higher rate threshold will also rise to £50,000 by 2020.

National living wage

The national living wage will increase from £7.20 to £7.50 in April 2017.

Tax-free childcare

Tax-free childcare will be introduced in early 2017. This will provide savings of up to £2,000 per child.

Money purchase allowance

The money purchase annual allowance will be reduced to £4,000 to prevent double tax relief.

Universal credit

The universal credit taper rate will be reduced from 65% to 63% from next April.

Ban on letting agent fees

A ban will be introduced on letting agent fees for tenants signing new agreements.

Savings bond

Details of a new savings bond will be announced at Budget 2017. The investment bond is expected to have an interest rate of 2.2% over 3 years.

Savers using the bond will be able to deposit up to £3,000.

You can read about these measures in more detail in our full Autumn Statement report.

Tell us about your business

Explore where you want to go, what you need to get there and how ABG can help.