Budget 2017: All quiet on the housing front
In his Budget this afternoon, Philip Hammond announced measures to help ease the looming business rates burden, as well as tax hikes for the self-employed.
As widely speculated before the Budget, the Chancellor is increasing Class 4 National Insurance Contributions for the self-employed from 9% to 10% in April 2018 and again to 11% in April 2019.
He also announced he will cut the tax-free dividend allowance for company shareholders from £5,000 to £2,000.
Housing market missed
But the housing market was only noticeable by its absence in the Chancellor’s hour-long speech to the House of Commons.
Following the recent Housing White Paper, perhaps it was obvious that there would be no extra funding or tax perks targeted at homebuyers, owners and sellers.
But many in the sector will be disappointed that the Chancellor missed a key opportunity to help the housing market, including Yorkshire Building Society, which had called on Hammond to make fundamental changes to Stamp Duty Land Tax to help first-time buyers.