Stamp duty and housing
- Stamp duty to be abolished immediately for first-time buyers purchasing properties worth up to Â£300,000
- To help those in London and other expensive areas, the first Â£300,000 of the cost of a Â£500,000 purchase by all first-time buyers will be exempt from stamp duty
- 95% of all first-time buyers will benefit, with 80% not paying stamp duty
- Long-term goal to build 300,000 homes a year by the mid-2020s
- Â£44bn in government support, including capital funding and loan guarantees, to boost housebuilding
- 100% council tax premium to be levied on empty properties
- Compulsory purchase of land banked by developers for financial reasons
- Review into delays in developments given planning permission being taken forward
- Â£28m for Kensington and Chelsea council to provide counselling services and mental health support for victims of the Grenfell fire and for regeneration of surrounding area
- New homelessness task force
Income Tax rate 2017-18 2016-17
Basic rate band – tax rate of 20% on
savings and non-savings income up to: £33,500 £32,000
Higher rate band – tax rate of 40% on £33,501 – £32,001
– savings and non-savings income £150,000 £150,000
Additional rate band – tax rate of 45% on savings and non-savings income £150,000+ £150,000+
Dividend allowance – tax rate of 0%
on dividend income up to: £5,000 £5,000
Tax rates on dividends:
•Basic rate band 7.5% 7.5%
•Higher rate band 32.5% 32.5%
•Additional rate band 38.1% 38.1%
Rates applicable to trusts: Dividends 38.1% 38.1%
Other income 45% 45%
*Not available if taxable non-savings income exceeds the starting rate limit.
child benefit charge
1% of benefit per £100 of income from £50,000 to £60,000
Enterprise Management Scheme (EMI)
A tax-advantaged share option scheme to help eligible smaller
companies recruit and retain staff.
• No income tax on acquiring shares unless the exercise price is less
than the market value at date of grant.
• No formal approval required.
• Open to any number of employees.
• Subject to overall limit of £3 million worth of shares.
• The maximum value of options per employee is £250,000