Insurance premium tax (IPT)

The standard rate of IPT will rise from 10% to 12% from 1 June 2017.

Letting agent fees

The Department for Communities and Local Government will consult ahead of bringing forward legislation to ban letting agents’ fees charged to tenants.

LIBOR banking fines

The government has committed a further £102m of banking fines over the next four years to support Armed Forces and Emergency Services charities and other related good causes.

Museums and galleries tax relief

The government will broaden the scope of the museums and galleries tax relief announced at Budget 2016 to include permanent exhibitions.

The rates of relief will be set at 25% for touring exhibitions and 20% for non-touring exhibitions and the relief will be capped at £500,000 of qualifying expenditure per exhibition. The relief will take effect from 1 April 2017 and will be reviewed in 2020.

Investing in culture

The Chancellor announced over £10m to support culture and heritage projects across the UK.

Prison safety and reform

The government will provide up to £500m of additional funding to the Ministry of Justice. As part of the
Prison Safety and Reform white paper, this will enable the recruitment of 2,500 extra prison officers. It will also fund wider reforms to the justice system.

Autumn Statement abolishes Autumn Statements

Chancellor Philip Hammond surprised the House by announcing that his first Autumn Statement would also be his last – with a major change to the way fiscal events are scheduled.

Following the Spring 2017 Budget and Finance Bill, Budgets will in future be delivered in the Autumn, with the first one taking place in Autumn 2017.

The Office for Budget Responsibility will produce a Spring forecast from 2018 and the Chancellor will make a new Spring Statement responding to that forecast.