Police officers can benefit greatly from a number of announcements made in October’s Autumn Budget.
Chancellor Philip Hammond has announced his Autumn Budget, a final opportunity to set out his plans for the nation’s finances ahead of the 2019 March deadline for the UK leaving the European Union.
It was an Autumn Budget marked by positive spending plans and a message to reinforce Prime Minister Theresa May’s own commitment to “end austerity” in the coming years. As such, there were a number of positive announcements for people up and down the country, including police officers and their families.
Positive news for all was the announcement that the personal allowance threshold for income tax will rise from £11,850 to £12,500 in April 2019, giving everyone a little more money in their pocket each month.
Officers in higher tax bands will also benefit from an increase in the higher rate income tax threshold from £46,350 to £50,000 at the same time. This is positive news for high earners.
However, be aware of a policy published alongside the Budget, which states National Insurance contributions will rise from their current level of two per cent to 12 per cent for income earned over the higher rate threshold. This effectively means just half of the expected 20 per cent reduction in tax rate for this band of earnings will be seen in take-home pay.
Meanwhile, the Chancellor delivered some positive news for anyone who enjoys a tipple to help them unwind after a busy shift, with a freeze on duty for spirits and beer, and a small rise of 8p in wine duty in line with inflation.
Funding for working families with children is also set to increase from April 2019, rising by up to £630 per year. This will help to ensure hardworking officers and their families can expect to receive greater government financial support in the coming years.
Whilst the adult ISA limit was frozen, the Budget was good news for those looking to put money aside for a child’s future. In 2019/20, the yearly amount individuals can save into a Junior ISA will increase from £4,260 to £4,368.
Motorists will also benefit from a ninth straight year of a freeze in fuel duty and a £30 billion investment package to repair roads in England. Harsh winters have taken their toll on many roads across the country in recent years and this new funding aims to end the scourge of potholes and other hazards that come from a lack of general maintenance.
There was also good news for those seeking to purchase their first home, as first-time buyers in shared equity homes valued up to £500,000 will now also be exempt from stamp duty – a positive development for home buyers of all ages in London.
Finally, on a lighter note, you may see an increase in the number of public toilets as a result of business rates being removed for such facilities. This may indeed be a ‘relief’ for any officer needing to go while out on the beat!
Ultimately, the Budget impacts everyone’s finances, but Metfriendly can help you to make your money go further. Please make an appointment to speak with one of our friendly field staff or come along to one of our pre-retirement seminars to find out more.
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