When is the Budget 2018, what can we expect and why isn't it called the Autumn Statement

Budget 2018 will now be delivered Monday October 29 to avoid clashing with the final Brexit negotiations in November.

This means that important decisions over tax and spending will be presented to MPs before any Brexit deal is agreed with Brussels.

It is also after a meeting of EU leaders on October 18 in Brussels, which European Council President Donald Tusk has described as the "moment of truth" for reaching a deal.

What happened in the last Budget?

  • Stamp duty was scrapped for first-time buyers under £300,000.
  • The national living wage rose to £7.83.
  • House-building saw a boost for 300,000 new homes per year.
  • A hike in tax on diesel cars and fuel duty rise was scrapped.
  • An extra £300 million towards HS2 was pledged.
  • New taxes were introduced to discourage the use of plastic packaging.
  • A freeze to duty was introduced on wine, beer and spirit.
  • £40 million was pledged to train up maths teachers.
  • 28p was added to a pack of 20 cigarettes.

What can we expect in Budget 2018?

More money for the NHS

The Chancellor is under pressure to relieve the strain on workers while finding money for the NHS and the police.

In a policy announced earlier this year, Theresa May said she aims to give the NHS an extra £20 billion by 2023.

This equates to a 3.4 per cent annually – but is less than the 3.7 per cent average increase the NHS has had since it was created in 1948.

Earlier this month Theresa May admitted tax hikes were inevitably going to be required for this, but some experts say that borrowing has come down so quickly that no new hikes may be required this year.

Insurance Premium Tax (IPT) hike

If you have car insurance, home insurance, pet insurance or medical insurance, you are likely to be paying insurance premium tax (IPT).

Now it looks like the Chancellor is planning to hike this tax even further, after already raising the rate of this tax from 6 per cent in November 2015 to 12 per cent now following three increases made by the Government.

Fuel duty freeze

Chancellor Philip Hammond is set to scrap a scheduled 2p-a-litre rise at the pumps in the Budget in a victory for The Sun.

It will be the ninth freeze in a row, thanks to The Sun campaigning successive Chancellors to halt the annual raid on motorists.

Tax break cuts for pension savers

It's predicted Philip Hammond will cut the tax relief that savers get on their pension funds as a way to fund the Government's NHS spending.

Pension tax relief costs the Treasure about £39 billion a year.

Windfall for renters

A Government thinktank is pushing for a new buy-to-let tax relief that will benefit both landlords and tenants – and allow renters to buy the home they're living in.

They want existing buy-to-let properties to be eligible for a capital gains tax relief, but the gain to be passed on to both landlords and their tenants.

Landlords would get a windfall when they sell to their tenants, while tenants will receive thousands of pounds towards their mortgage deposit under the new proposals.

It also suggests the Treasury could fund the tax break by cutting other reliefs for buy-to-let investors.

Tax crackdown on fake self-employees

The Treasury is finalising plans to overhaul rules that allow self-employed people to avoid paying national insurance.

Philip Hammond is targeting people who take on work as a private company but are actually employees and should pay contributions.

The Treasury believes a third of self-employed people use this trick to get a tax break.

Tax rise for working families

Philip Hammond could be on track to raise taxes for working families by up to £130 a year by ditching Tory promises to slash income tax.

Tories promised in their 2015 election manifesto that they would raise the personal allowance to £12,500 by 2020 – which is the amount Brits have to start to pay tax at.

Last year Mrs May promised to stick to the vow, and said they would keep taxes as low as possible.

The DUP and Brexiteers could threaten to vote down the tax hike though, which would strain the Northern Irish party's alliance with the Tories even further.

Anything else?

What is always included in the budget are major tax policies such as changes to income tax and National Insurance, spending and a general outlook of the UK economy.

Why isn’t it called the Autumn Statement anymore?

The Autumn Statement was scrapped by Philip Hammond in 2016.

At the recommendation of the Institute for Fiscal Studies (IFS), there is now a Spring Statement instead, with the Budget presented later in the year.

Spring 2017 saw the last Budget to be held at that time of the year.

This year, a Spring Statement was given for the first time.

The government has said that changing the tax system once a year, rather than twice, will lead to greater financial stability.

Earlier this year, Philip Hammond told Theresa May to "butt off" of his Budget as relations collapsed.

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Parents should also not miss out to apply for childcare vouchers, or they risk missing out on hundreds of pounds a year.

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