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Autumn Statement 2016: Personal Announcements

Chancellor Philip Hammond has now delivered his Autumn Statement 2016.

Here is our summary of the key features affecting personal finance:

Personal Allowance

The tax-free personal allowance has been confirmed to rise to £11,500 from April 2017. The allowance will rise to £12,500 by 2020 and will continue to increase by inflation after parliament.

The higher rate threshold will also rise to £50,000 by 2020.

National Living Wage

The national living wage will increase from £7.20 to £7.50 in April 2017.

Tax-Free Childcare

Tax-free childcare will be introduced in early 2017. This will provide savings of up to £2,000 per child.

Money Purchase Allowance

The money purchase annual allowance will be reduced to £4,000 to prevent double tax relief.

Universal Credit

The universal credit taper rate will be reduced from 65% to 63% from next April.

Ban On Letting Agent Fees

A ban will be introduced on letting agent fees for tenants signing new agreements.

Savings Bond

Details of a new savings bond will be announced at Budget 2017. The investment bond is expected to have an interest rate of 2.2% over 3 years.

Savers using the bond will be able to deposit up to £3,000.

For any help or advice with financial planning talk to RPD

 

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