Budget 

Everything you need to know about the Autumn Budget

  • To understand what the economic impacts of the Budget could be.
  • To list the various tax changes implemented in the latest Budget.
  • To understand what the main implications are for mortgages and investment.
CPD
60min
Everything you need to know about the Autumn Budget

Introduction

Stamp Duty Land Tax relief for first-time buyers was the big Budget climax on 22 November. 

In a Budget speech that talked of "choosing the future", "seizing opportunities" and "dreaming" of a glorious future for Britain, chancellor Philip Hammond presented his own anthem for doomed youth, promising more investment into education, jobs and housebuilding to help win over the generation that flocked to Jeremy Corbyn's red flag in the most recent election. 

He told a raucous House of Commons: "I have a clear vision of what a global Britain looks like: a prosperous and inclusive economy where everybody has the opportunity to shine. 

"Where talent and hard work are rewarded. Where the dream of home ownership is a reality for all generations."

And to this end, he announced stamp duty land tax relief for first-time buyers on properties of up to £300,000 or, in London and the South East, where house prices are disproportionately high, relief on the first £300,000 of properties worth up to £500,000.

But while the focus was on housebuilding and homeownership for the young, attention was definitely not on social care, pensions, Isas or inheritance tax. 

In fact, one commentator called it: "A dull and boring budget on pensions". This was Jon Greer, head of retirement policy for Old Mutual Wealth. He added: "This is highly unusual after so many years of change."

But more devilish details and cunning changes to pensions taxation may lie in wait for the UK in 2018, when we will be delivered a Brexit Budget. As Lee Clark, chartered financial planner for Brewin Dolphin warns, "we'll have to wait and see what is in store for us next year."

This guide brings the latest in changes made in the Budget, outlines what these might mean for the personal finance industry, and enable advisers to list the main developments to their clients. 

This qualifies for an indicative 60 minutes' worth of CPD. 

Contributors to this guide: Liz Syms, chief executive for Connect for Intermediaries; Phil Brown, head of policy for LV; Lee Clark, chartered financial planner for Brewin Dolphin; Marcus Brookes, head of multi-manager for Schroders; James Gladstone, head of wealth planning at Cazenove Capital; Steven Cameron, pensions director at Aegon; Jim Meakin, head of tax at RSM; Rajesh Sharma, international tax partner at Smith & Williamson; Karen Barrett, chief executive at Unbiased; Alastair Black, head of financial planning propositions at Standard Life; Les Cameron, tax expert at Prudential; Rachael Griffin, financial planning expert at Old Mutual Wealth; Jade Connolly, head of advice at Ascot Lloyd;  Gemma Penny, associate at city law firm DMH Stallard; Tim Walford-Fitzgerald, private client tax partner at the chartered accountants HW Fisher & Company; Tom Selby, senior analyst at AJ Bell Fisher & Company; Peter Williams, chief executive of the Intermediary Mortgage Lenders Association; Richard Stone, chief executive of the Share Centre; James Walsh, policy lead for engagement, EU and regulation at the Pensions and Lifetime Savings Association; Liz Field, chief executive of the Personal Investment Management and Financial Advice Association; Justin Urquhart Stewart, co-founder and head of corporate development for Seven Investment Management; Alix Stewart, fund manager of fixed income at Schroders; Paul Falvey, tax partner at BDO; David Page, senior economist at Axa Investment Managers; James Horniman, portfolio manager at James Hambro & Partners; Mike Adamson, chief executive of the British Red Cross; Paras Anand, chief investment officer for equities, Europe, at Fidelity International; Kay Ingram, Richard Carter, head of fixed interest research at Quilter Cheviot; Chris Gorst, Open Up Challenge Prize lead at Nesta; James Gladstone, head of wealth planning at Cazenove Capital; Jason Hollands, managing director at Tilney Group; Simon Blowey, director of financial planning at Brewin Dolphin; Dr Ilian Iliev, chief executive of EcoMachines Ventures; David Mott, managing partner at Oxford Capital; Alex Davies, chief executive of Wealth Club; Svenja Keller, head of wealth planning at Killik & Co; Jack Rose, head of tax efficient investment at LGBR Capital; Russ Mould, investment director at AJ Bell; Chris Cummings, chief executive of the Investment Association; the Pensions Policy Institute; Aldermore; The Office for National Statistics; The Office for Tax Simplification; HM Treasury; the Office of Budget Responsibility.

Brought to you by FTAdviser's content plus team: Eleanor Duncan eleanor.duncan@ft.com and Simoney Kyriakou simoney.kyriakou@ft.com

In this guide

CPD
60min
  1. What does Mr Page say the OBR has done over its growth forecasts?

  2. Mr Carter says markets have reacted to the Budget in what way?

  3. Mr Hollands warns the Patient Capital Review could do what to VCTs?

  4. What might happen to more workplace pension savers with the rises in the personal allowance, according to Mr Greer?

  5. What does the chancellor lack when it comes to really solving our housing problem, according to Mr Williams?

  6. Mr Sharma says the Budget's tax measures would do what, in the short-term?

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