Spring Budget 2017

I am pleased to enclose an overview from members of our team on the key taxation, business and financial measures that were announced on Wednesday.

For advice on any of the topics covered within the Spring Budget, and how they may have an impact on your business or personal finances, please give me or one of the team a call on 01628 760000. We would be delighted to hear from you.

Daniel Reid
Partner

Budget Overview
Keng Cheong

The economy might be looking a little better than expected, but the Chancellor is not taking any risks. The unchartered waters ahead appear to be driving this budget. Nevertheless, he appears determined to reduce the deficit by a number of potentially contentious measures, in particular reducing the amount of dividend allowance and increasing the rate of National Insurance for the self-employed. We may see a more interesting Autumn Budget when he has had a little time to gauge the economy, post triggering Article 50. Read more

Personal Tax Issues
Anita Gossain

With effect from 6 April 2018, National Insurance Contributions (NIC) for the self-employed will increase by 1% in the main band £8,164 - £45,000. This is an interesting change bearing in mind the government’s manifesto pledge not to increase National Insurance. The change will go some way to reducing the disparity between the contributions made by the employed and self-employed. Read more

Employers Overview & Inheritance Tax Issues
Susan Clark

Employers Overview
Broadly speaking, from the perspective of employers, there are very few new announcements in this budget so it might be worth recapping on some announcements already made. Read more

Inheritance Tax and Trusts
There will be an annual increase in the nil rate band where the value of a residence is bequeathed to direct descendants starting at £100,000 for 2017/18 and finishing with £175,000 in 2020/21. This means that the nil rate band in total will be £500,000 for that year. Read more