The 2017 Autumn Statement: effect on your income, spending & taxes

This year has been one of uncertainty for everyone. For 2017, no one yet knows what Brexit will look like, or how the economy will react. However, thanks to the recent Autumn Statement and the policy decisions in it, we do have some clue as to what the next 12 months will look like for us as individuals. Taxpayers From April 2017, the personal allowance (i.e. the tax free part of our income) will go up from £11,000 to £11,500. At the same time the tax free limit on inheritance tax will begin the process of being raised. Currently, inheritance tax kicks in at £325,000 per person. With the new Transferable Main Residence Allowance this will add another £100,000 to the ceiling from April next year. The National Living Wage is also set to rise next year in April. Currently set at £7.20 an hour for those aged 25 or over, from next year it will be £7.50.


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