Monday 11 December 2017

UK budget: the main points

Stamp duty removed on house purchases up to £250,000 -- up from a previous £125,000. Stamp duty on residential property over £1m to increase from 4pc to 5pc from April next year. Alcohol duties to increase by 2pc above inflation for two further years from 2013; duty on cider to increase by 10pc above inflation from midnight on Sunday. Strong ciders to be taxed more "appropriately". Tobacco duty to increase by 1pc above inflation and then increase by 2pc above inflation each year until 2014. Tax relief on pensions will be restricted from next year for those with incomes above £130,000 a year. Inheritance tax threshold to be frozen for a further four years to help pay for the cost of care for the elderly. Increase in fuel duties to be phased in more slowly, with an increase of a penny in April, a further one penny in October and the remainder in January. The minimum number of hours people over 60 need to work to be eligible for Working Tax Credit will be reduced. Reform of employers' right to make people retire at 65 to be considered, with the possible scrapping of the automatic retirement age. Child Tax Credit to be increased by £4 a week from 2012. Minimum pension raised to £132.60 from next month. From April 2011, no one over 75 will pay tax on the first £10,000 of income.

Irish Independent

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