Autumn Statement explained

Autumn Statement explained

In the 2017 Autumn Statement, the Chancellor Philip Hammond has reformed stamp duty for first–time buyers, cancelled a planned rise in fuel duty and introduced a tax rise for diesel cars.

But what could it all mean for you? Here are the key announcements that deserve your attention.

Stamp duty scrapped for first–time buyers

Stamp duty – a lump sum tax payment made by anyone buying a property over a certain value – has been abolished for first–time buyers if their new property is worth up to £300,000.

Previously, anyone buying a house worth more than £125,000 paid stamp duty (although stamp duty is a devolved tax, so this could differ depending on where you live).

What does this mean for you?

This is a significant reform, and one that the government hope will help you tackle the cost of getting on the property ladder for the first time.

In fact, they estimate that this reform will help out 95% of first–time buyers in the UK, so it’s very likely you’ll be making a saving if you’re planning on buying your first property.

It could be quite a significant one too – for example, if your new home’s value is £300,000, you could save in the region of £5,000.

Tax changes for fuel

With petrol and diesel prices rising, the Chancellor has decided to cancel a planned rise in fuel duty.

Philip Hammond also announced a new tax for diesel cars (excluding vans) that fail to meet environmental standards.

What does this mean for you?

The freeze in fuel duty will save regular drivers hundreds of pounds in yearly fuel costs, and should go some way to tackling rising prices in the UK.

But, if you own a new diesel car that doesn’t meet environmental standards, you’ll pay more road tax than you would have previously – a whole band higher than you would with a petrol car.

Changes to the national railcard

A new national railcard for people aged 26–30 will be introduced early next year – costing £30.

What does this mean for you?

If you’re under 30, you’ll be able to get a third off all off–peak rail fares in the UK with this railcard.

Previously this was only available to people aged 26 and under.

Buying your first home and excited by the news? Take a look at our Home Insurance to see how we can help you protect your new home once you’ve settled in.

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