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What the Budget means for you - the measures Philip Hammond just announced that will make you richer or poorer

Mirror logo Mirror 22/11/2017 James Andrews
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Tax breaks for first-time buyers, more tax for cider drinkers, and a tax break for the rich.

Those were some of the key measures announced by Chancellor Philip Hammond in his Budget.

But will it make YOU richer or poorer?

We've crunched the numbers to work out what it will all mean for your money - and there might be more good news than you'd think.

First-time buyers

"Getting on the housing ladder is not just a dream of your parent's past, but a reality for your future," the Chancellor said.

But what did he do?

Well, £44billion to try and make people build more homes in the next 5 years. But for now?

Well, for all first-time buyer purchases up to £300,000 all stamp duty to be abolished.

Or the first £300,000 of homes worth more than £500,000.

That's up to £5,000 less tax on your first home.

Philip Hammond’s stamp duty tax cut details

Universal credit claimants

The Chancellor said it's not going away, but tried to make things better for people applying.

He will remove 7-day wait- so entitlement immediately on application.

The advance system will let you get a month’s payment within 5 days of applying and it can be done online. You can also now repay over 12 month (not 6) and you will keep housing benefit for an extra 2 weeks too.

It's not perfect, but it might help a bit.

Workers - all of them

There was a small tax cut for everyone snuck in too.

From April, personal allowance will rise to £11,850 and the higher rate threshold to £46,350.

That works out as a £70 tax break for everyone who pays income tax, and an extra £270 for higher-rate taxpayers.

The worst off workers get a rise too - with the national living wage going up 4.4% to £7.83 an hour from April from £7.50.

White cider drinkers

Beers, wines and spirits had nothing changed. Pubs got a tax break.... But if you're a fan of strong, white cider you might be in toruble.

Because Hammond announced a new tax coming on it in 2019.

Younger train passengers

A new railcard for people aged 26-30 (although you can get up to 32 if you're clever) is coming.

That's a third off for people travelling outside peak hours.

Northern commuters to get wi-fi on trains

No more searching for a signal if you're on a train in the Pennines - the Chancellor announced £30million to trial new solutions on the TransPennine route to improve mobile and digital connectivity on trains.

Electric car drivers

First Hammond said money would go to fund more charging points and into technology for better charging.

He also promised there would be no benefit in kind charge - ie extra tax - for people charging their cars at work.

(Some) diesel drivers to pay more

Vehicle Excise Duty to go up by one band on more polluting diesels, while, company car tax up 1% for older diesels too.

Although it can be avoided by buying a cleaner, new-style diesel car.

This is also only applied to cars - “no white van man, no white van woman” will be hit, the Chancellor said.

Smokers to pay more - especially if they roll their own

The the tobacco duty escalator will continue at inflation plus 2% - which means as muvh as 5% extra tax on a pack.

But there's worse news for people who smoke rollies - with an additional 1% duty on hand rolling tobacco this year.

Oh, and minimum excise duty on cigarettes (ie the cheapest you can buy them) will also rise.

Ex students

Student loan payments are taken from your pay cheque automatically once you earn £21,000.

The problem is, that the taxman hasn't been too talkative with the student loans company until now.

That means they have kept pulling money from your account even after you've paid off the loan - and getting that cash back isn't the easiest process.

Last year some 86,000 people had money taken for a loan they'd already cleared - an average of £592 each.

That should stop - with tax authorities told to share data with the student loans people from now on.

NOW SEE: All the Budget key points listed

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