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Autumn Budget 2017: Expectations

› Autumn Budget 2017: Expectations

Few measures are expected to emerge from Philip Hammond's briefcase when the chancellor delivers his first Autumn Budget on 22 November 2017.

Hammond is widely expected to try and win over disillusioned young voters and announce plans to address the productivity problem.

Amid a background of ongoing Brexit uncertainty and a gloomy economic outlook, we take a look at some of the more likely policies the chancellor could be poised to announce.

Stamp duty holiday for first-time buyers

Stamp duty land tax is charged at various rates on residential transactions above £125,000 in England, Northern Ireland and, until April 2018, Wales.

The chancellor is widely expected to cut this for first-time buyers, although it remains to be seen whether it's in the form of 1-year break or if age restrictions will apply.

Business rates

The news that business rates would increase by 3.9% from April 2018 went down like a lead balloon with the business community, with some calling on the government to cap future increases at 2%.

With pressure growing since last month's announcement, business groups will be hoping the government changes its mind before the new tax year begins.

Another raid on dividends

The dividends allowance is due to be lowered from £5,000 to £2,000 a year from 6 April 2018.

While this remains on course to take effect, rumours suggest a further cut to the tax-free threshold, or raising the tax rates due on dividends, could be on the cards.

Diesel cars

New taxes on diesel cars are deemed to be in the pipeline after the government launched its Clean Air Plan back in May, although the devil is in the detail.

It's likely any diesel tax increase will come in the form of a new tariff, especially as any VAT rise on sales of new diesel cars would break the Conservative's "no increase in VAT" manifesto pledge.

An in-depth Autumn Budget report will appear on our website on Thursday 23 November 2017.