Philip Hammond’s Autumn Budget contained big news for large community Credit Unions.
The potential number of members for a Credit Union in a local area was to be increased from 2 million to 3 million. This will give large community Credit Unions scope for further expansion. Hammond stated:
“to improve access to reputable sources of credit, the government will increase the number of potential members that a credit union serving a local area is able to have from 2 to 3 million “
The second Budget of 2017 did not contain much in the way of surprises or giveaways. Two other matters of interest to English Credit Unions are:
- Business rates in England will rise by CPI from April 208.
- There will be further funding for new homes. In addition, stamp duty for first time buyers is to be scrapped. This will be of interest to Credit Unions providing mortgages.
Note that these two items do not apply in Scotland.
Times remain tough in the country with the Office of Budget Responsibility’s growth forecasts being cut. GDP is expected to rise by only 1.5% in 2017 (forecast to be 2% at the Spring Budget) and 1.4% in 2018 (down from 1.6%).
For more details on the changes please see our comprehensive guides at www.alexandersloan.co.uk.
The Scottish Budget was announced in December 2017. We were pleased to note that this stated that there would be continued support for the Credit Union movement. This announcement echos comments from the First Minister, in November, where she stated she would continue to support Credit Unions. There was also announcements of changes to the tax rates in Scotland and public spending. Our main website contains further details on the announcements.
For more information on how we can assist with tax please see our Tax Pages./