Budget 2018 Summary: Personal

Personal Allowance & Higher-Rate Threshold

The personal allowance and higher-rate threshold will increase to £12,500 and £50,000 respectively in April 2019 – a year earlier than set out in last year’s Conservative manifesto.

Stamp Duty For First-Time Buyers

Stamp duty land tax has been abolished for all first-time buyers of shared-ownership properties valued up to £500,000.

This applies to property purchases from 29 October 2018 onwards, but can also be backdated to the date of the last Budget on 22 November 2017.

National Living Wage

In April 2019, the National Living Wage will rise by 4.9%, from £7.83 an hour to £8.21.

Pensions Dashboard

The state pension is to be included on the Government’s pensions dashboard, which will enable an individual to see their pension pots in one place.

An in-depth Budget report will appear on our website on Tuesday 30 October 2018.