Autumn Statement 2015: Personal announcements
Chancellor George Osborne has now delivered his Autumn Statement 2015.
Here’s our summary of the key measures effecting personal finance.
Tax credits: Tax credit taper rate and thresholds remain unchanged. The Chancellor has promised to achieve the £12 billion per year on welfare savings.
State pension: From April 2016, the basic state pension will rise to £119.30 per week. The single state pension will be set at £155.65 a week next year.
Digital tax accounts: Individuals will have their own digital tax account by the end of the decade.
Captial gains tax: Capital gains tax will have to paid within 30 days of completing disposal of residential property from 2019.
Housing benefit: Housing benefit for new social tenants will be capped at the same level as private sector.
Stamp duty: Stamp duty will be 3% higher on the purchase of additional properties including second homes.
Shared ownership: Restrictions on shared ownership will be removed, with the planning system reformed to deliver more homes.
Help to Buy scheme: Londoners with a 5% deposit will be able to get an interest-free loan worth up to 40% of value of a newly built home.
Childcare: Funding for 30 hours of free childcare for working families with 3 and 4 year olds from 2017.
Support will be available to parents working more than 16 hours week, with incomes of less than £100,000.