Budget 2018: what it means for your finances

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Budget 2018: what it means for your finances

Fuel prices

Fuel duty has been frozen at 57.95p per litre for the ninth year in a row. This is good news for drivers who have seen prices rise in recent months. That said, there are other factors that could affect how much you pay at the pumps, such as fluctuations in the fuel market, global decisions and Brexit.

Housing

First time buyers of shared ownership homes costing up to £500,000 will not have to pay stamp duty. Currently first time buyers do get a discount, however if you’re opting for a shared-ownership property, the tax you pay will be significantly reduced.

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Taxes

Personal allowances – the amount of money you can earn before paying income tax – will increase from April 2019. The personal allowance will rise from £11,850 to £12,500 in Britain, and the higher rate threshold will increase from £46,351 to £50,000 outside Scotland only. This means you’ll pay less income tax whatever you earn, a saving of roughly £130 on average.

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