First time buyers had plenty to celebrate when Chancellor Phillip Hammond promised to make the ‘dream of homeownership a reality again,’ in his 2017 Autumn Budget.
Amid pledges to invest in the housing market and construction industry, Mr Hammond committed to abolishing stamp duty on properties up to £300,000 for first time buyers, and on the first £300,000 on properties costing £500,000 – a saving of £5,000.
Evolution For Women says: This is fantastic saving for first time buyers and will help thousands more people finally get in the property market. Sadly, it still doesn’t address the problem of the high rental prices young people are paying while saving for their own homes and, as a result, many young people will still be relying on their parents for financial support.
Our advisors are able to help you find your first mortgage and will talk you through the whole process.
A freeze on fuel prices is good news for car drivers, however owners of older diesel cars are to be hit with higher road tax. Business owners will also be hit with a 1% tax rise on the diesel supplement for company cars.
Evolution Financial Planning says: As road tax is an annual payment, which can be made monthly or yearly, we suggest those affected adjust their household budgets to factor in the change.
Download our free monthly budget tracker to keep on top of your regular income and outgoings www.evolutionforwomen.co.uk/freebies
Living Wage Rise
We were delighted to see that the government plans to increase living wage from £7.50 per hour to £7.83, and has promised to reform the Universal Credit system.
The tax-free personal allowance is also set to rise £11,850 in April 2018 and to £46,350 for high tax rate payers.
Evolution For Women says: These living increases are actually just inflation rises but savvy savers could use this opportunity to set aside extra cash and put in into savings. Our investment services will help you decide what is right for you www.evolutionforwomen.co.uk/investments
Maths for All
It was great to see the Chancellor committing to investment in maths skills with a promise of £40m for teacher training in underperforming schools, triple the number of science teachers and more money for A-level maths students.
Evolution For Women says: We are delighted to see the Chancellor putting Maths at the top of the schooling agenda. This is a topic close to our hearts and we believe everyone has a right to basic maths and money management skills.
Initial rumours suggested Mr Hammond would cut tax relief on pension payments however this failed to materialise.
Instead he announced a £30,000 rise in the lifetime pension allowance, taking it from £1million to £1,030,000.
The annual pension allowance – the amount you can pay into a pension before you pay tax – remained unchanged at £40,000.
Evolution For Women says: Pensions have been hit regularly in previous Budgets so this year’s hiatus will be a relief for pension savers.
Having a pension should always form part of your savings strategy and we offer a comprehensive pension service. Our advisors will be able to help you find the best product for you.
To find out how our advisors can help you with mortgages, savings and pensions why not contact us. Or download our free budget planner to keep on top of your monthly income and outgoings www.evolutionforwomen.co.uk/freebies