UK Budget 2019
The UK Budget for the new year has been released!
Philip Hammond who is the Chancellor described it as a “new chapter’ for the economy and his speech was more than hour.
Read the below and see what has been agreed before the Brexit.
Below are key highlights:
– 31 million people pay income tax in the UK: 18 million men and 13 million women.
– 25.6 million of these taxpayers pay income tax at the basic rate
– Personal allowance stands at £11,850 at the moment
– Higher rate of tax will now start at £50,000 in April
– National Living Wage for workers aged 25 and over, will rise to £8.21 an hour in April
– For Drivers fuel duty will be frozen
– People who are facing repayment difficulties will now time to react and reflect within 60 days before any legal action to take place instead of six weeks
– Self employed will pay more income tax and national insurance
– First-time buyers in England who buy a shared ownership home will get the same stamp duty breaks for homes of up to £500,000
– A commemorative 50p coin will be issued to mark the UK’s departure from the EU
– £500m for the Housing Infrastructure Fund, designed to enable a further 650,000 homes to be built
– Lettings relief limited to properties where the owner is in shared occupancy with the tenant
– New partnerships with housing associations in England to deliver 13,000 homes
– Guarantees of up to £1bn for smaller house-builders
-2.4 million working families with children to benefit by £630 a year
– 800,000 more jobs forecast by 2022
– Extra £500m for preparations for leaving the EU
Want to read more you can refer to the following links:
– Summary of the Budget here
– Deloitte Budget calculator here which shows how the recent budget change can affect you
– UK government official summary here
– What is the budget all about here and why it is reviewed on a annual basis
– Total UK Public Spending money here