How will you benefit under the Conservatives?

 

Autumn Statement 2016
 

  • Rural Rate Relief will increase to 100%

  • Fuel duty frozen for a seventh year

  • New three-year NS&I Investment Bond from spring 2017

  • National Living Wage rises to £7.50/hr

  • A ban on letting agents tenant fees

  • Cracking down on pensions scams

  • Over £102 million of LIBOR banking fines to support armed forces and emergency services charities

  • A new National Productivity Investment Fund to provide £23 billion of additional spending, ensuring the UK’s economy is fit for the future

  • £2.3 billion for a new Housing Infrastructure Fund

  • £390 million investment in future transport technology

  • A major new investment in transport infrastructure

  • £1 billion to invest in full-fibre broadband and trialling 5G networks

  • £2 billion more per year in research and development funding by 2020-21

  • Expanding the museums and galleries tax relief

  • Over £10 million to support culture and heritage projects across the UK

  • £400 million through the British Business Bank to invest in growing innovative firms

 

Budget 2016

 

• Increased Minimum Wage of £6.95/hour for 21- to 24-year-olds. National Living Wage of £7.20/hr for 25+ to start in April 2016 as planned.

• New "Lifetime ISA" for under-40s. Government puts in £1 for every £4 saved up to £4,000 every year until 50 years of age. (£2,000 desposit per year from age 18 would see a total bonus of £16,000 at age 50).

• Class 2 National Insurance will be abolished, which will give a £130 million tax cut to three million self-employed people.

• Tax-free personal allowance increased to £11,500 in 2017, as well as to £12,500 by 2020.     

 Fuel Duty frozen for another year.

• Small Business Rate Relief (SBRR) to be raised from £6,000 to £15,000, and the higher rate from £18,000 to £51,000, exempting 600,000 firms altogether to pay higher wages and employ apprentices.

• A new 'sugar tax' on sugary drinks companies which will put an extra £500 million straight into school sports education.

• Commercial stamp duty 0% rate on purchases up to £150,000, 2% on next £100,000 and 5% top rate above £250,000. New 2% rate for high-value leases with net present value above £5m. Effective from midnight on 17th March 2016.

• £115m to tackle rough sleeping and homelessness.

• £20 million fund for new community-led housing in the South West, funded from the 3% stamp duty levy on second homes - as campaigned for by Scott. 

• £500 million to speed up implementation of National Funding Formula for schools, which Scott campaigned for to get fairer funding for rural schools. 

• Compulsory maths lessons until 18 will also be considered to make sure children have more skills as they reach adulthood.

• Beer, cider, and spirits duties to be frozen.

• Excise duties on tobacco to rise by 2% above inflation.

• New £1000 tax free allowance for micro-entrepreneurs selling services or renting their home online. 

• Capital Gains tax will be cut from 28% to 20%, and from 18% to 10% for basic-rate payers.

• New 'Help to Save' scheme for low-paid workers, worth up to £1,200 over four years in tax-free interest.

• Corporation Tax to fall to 17% by 2020, which will enable companies to pay the increased National Living Wage.

• New rail lines to get green light, including Crossrail 2 in London and the HS3 link between Manchester and Leeds.

• £700m for flood defences schemes, including projects in York, Leeds, Calder Valley, Carlisle and across Cumbria.

• Annual borrowing in 2015-6 forecast to be £72.2bn, £1.3bn lower than forecast in November.

• Public finances still projected to achieve a £10.4bn surplus in 2019-2020.

 

 

Autumn Statement 2015 

 - Tax Credits will not be cut

 - New funding formula for schools

 - No cuts to Police budgets

 - Additional £3.5 billion for defence and security for next 5 years

 - £6 billion real terms increase for NHS up front next April

 - Continuation of Fuel Duty freeze

 - Small Business Rate Relief (SBRR) extended to April 2017 (405,000 small business will receive 100% relief, with a further 200,000 benefiting from tapering relief)

 - 3% extra stamp duty on second homes and buy-to-let properties, which will fund more new houses for families

 - £12 billion of savings in Government departments to lower the deficit

 - £27 billion more for public finances from low debt interest and increase in tax receipts

 - A surplus of £10 billion by 2019-20 after eradicating a Labour deficit of £150 billion/year

 - 'Tampon Tax' 5% VAT proceeds of £15 million donated to womens charities

 - Housing budget doubled from 2018-19 to build more homes

 - 400,000 affordable home starts by 2020-21

 

Summer Budget 2015

 - New compulsory National Living Wage of £7.20/hr for everyone over 25, reaching £9/hr by 2020, giving an estimated £5,000 pay rise within 5 years.

 - Inheritance Tax threshold to increase to £1m from 2017, as well as an additional £325,000 family home allowance.

 - Personal Allowance of £11,000 from next year, rising to £12,500 by 2020.

 - Free childcare doubled to 30hrs/wk

 - 40p income tax threshold to rise to £43,000

 - NHS to receive an extra £8bn on top of £2bn election pledge

 - Defence spending will be 2% of National GDP - meeting NATO targets

 - Devolvement of health & social care budgets and transport to Cornwall Council

 - Disability benefits will not be taxed or means-tested

 - State Pension triple lock protected

 - Social Housing rent reduced by 1% a year for next four years.

 - Working-age benefits frozen for 4 years - except disability benefits and maternity pay

 - Student grants replaced with loans up to £8,200, with maintanence loans also rising to £8,200

 - New VED bands for new cars from 2017, with all car tax going into a dedicated 'Roads Fund' to mend Britain's roads

 - Permamnent non-dom status abolished for those who have lived in the UK for 15 of the past 20 years, meaning they will be taxed on their overseas earnings.

 - Bank surcharge of 8% on profits introduced

 - National Insurance allowance for small firms increased to £3,000 from 2016

 - Corporation Tax lowered to 19% and 18% in 2017 and 2020 respectively, giving companies financial freedom to pay the new National Living Wage