We've outlined some key details and summarised Wednesday's Spring Budget, to help you separate the wheat from the chaff.
So what did emerge from this final Spring Budget? Much of the answer is to be found in the previous year’s Autumn Statement but, as ever, there were a few surprises, both good and bad:
- A rise of £500 in the personal allowance to £11,500 for 2017/18
- A £2,000 rise in the higher rate threshold for 2017/18, to £45,000, clawing back a small part of the under-indexation of earlier years. However, this will not apply fully to Scotland, where the higher rate threshold for non-savings, non-dividend income has been frozen
- A reduction in the tax-free dividend allowance to £2,000 from 2018/19, just two years after its introduction at a level of £5,000
- An increase in the Class 4 National Insurance contributions (NICs) rate for the self-employed from 9% to 10% in 2018/19 and a further 1% increase to 11% in the following year
- A £200 increase in the capital gains tax annual exemption to £11,300.
The 2017 Spring Budget Round Up was produced by Technical Connection if you require personal advice on how the budget affects you we strongly recommend you seek Independent Financial or Tax Advice.
To read our 2017 Spring Budget Round Up in full open the attached document
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