We use cookies to track usage and preferences. Accept View Policy

Would you like to download our mobile application from the App Store?

Not Now
For more information
0800 470 4820 or 0333 202 7198

Spring Budget 2017 Key Highlights

Back

Spring Budget 2017 Key Highlights

Philip Hammond has delivered the 2017 Spring Budget, his first as chancellor. In future the Budget will take place in the Autumn, a change he announced in the 2016 Autumn Statement.

The TFMC Finance & Tax App has a dedicated Budget News section with plenty of detail and reaction. Nevertheless, here are some of the key highlights of the 2017 Spring Budget:

 

 

  • Class 4 National Insurance contributions which affect the self-employed to increase from the current rate of 9% to 10% in 2018 and 11% in 2019. Expected to raise around £145m per year by 2021/22 this is expected to affect around 2.5 million people.
  • Tax free dividend allowance to be cut from £5,000 to £2,000 from April 2018
  • Personal Allowance to rise to £11,500 in April and with the aim to reach £12,500 by 2020
  • With the pending increases in business rates those who are set to lose the existing small business rates relief will have increases capped at £50 per month. Pubs with a rateable value of less than £100,000 will get a £1,000 discount
  • Businesses with turnover below the VAT registration threshold to have the introduction of quarterly digital reporting put back 12 months
  • £2bn in additional grant funding for social care over the next 3 years
  • The new NS&I bond will pay 2.2% on deposits up to £3,000 from April
  • From September 2017 working parents with 3 and 4 year old children will have their tax-free childcare entitlement doubled to 30 hours per week
  • No changes to the previously planned increases in alcohol and tobacco duties which will increase in line with RPI

 

Further details can also be found on the HMRC website.