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- Tax free allowance raised to £10,600 next year.
- Higher rate tax band raised to £42,385.
- When someone dies, their husband or wife will be able to inherit their ISA tax free.
- The inheritance tax exemption will cover aid workers who lose their lives dealing with humanitarian emergencies.
- A 25pc tax on profits from activity in the UK for companies that shift profits offshore will raise £1bn over the next five years.
- Business rates to be reviewed.
- Tax relief for small and medium-sized businesses doubled, and a £45m package of support for exporters.
- Tax credit for children’s TV producers
- No employer national insurance on apprentices
Stamp Duty reformed to become more progressive, introduces marginal tax rates. Changes come into force from tonight.
- Up to £125,000 – no tax
Up to £250,000 – 2pc
Up to £925,000 – 5pc
Up to £1.5m – 10pc
Above that – 12pc
Stamp duty cut for 98pc of homebuyers who pay it, you pay more if you buy anything above £937,000.
- Confirmed £2bn a year extra spending on NHS
- Extending £2,000 employment allowance to carers
- Fuel duty frozen again
- Air passenger duty for children under 12 abolished from next year, and for children under 16 the year after
- £1.2bn of forex bank fines for GP services
- Libor fines go to emergency services, Gurkhas, £10m for veterans with hearing problems, new helicopters and VAT refunds for search and rescue
- £10,000 student loans for postgraduate students doing masters degrees
- Northern Ireland to set corporation tax
- Key Points Spring Budget 2017
The Spring budget was presented by Mr Philip Hammond on 8th March 2017.
A summary of the main points are noted below:
Class 4 National Insurance to increase from 9% to 10 % in April 2018 and to go up to 11% in April 2019. All class 4 earnings above £43,000 will continue […]
- Married Couples Allowance
Transfer unused tax allowance to save up to £212.00 in tax year 2015/16
If you are a married couple or are in a civil partnership, you may qualify for couples tax relief worth up to £212 in 2015/16.
Who does this apply to?
This tax relief is available to married couples and couples in a […]
- Budget 2016 – Key Points
Sugar levy on soft drinks
This aims to raise £520m in a two-part levy on companies – one for total sugar content above 5g per 100ml and one for drinks with more than 8g per 100ml – to be introduced in two years’ time. Pure fruit juice and milk are excluded. It will be used […]
- National Living Wage
The 1 April 2017 the National Living Wage (NLW) for workers aged 25 and above will increase to £7.50 per hour. The current National Minimum Wage for those under the age of 25 will continue to apply and the rates set from 1 April 2017 can be found here National Minimum Wage Rates .The Government’s objective is to have a […]
- Autumn Statement 2015
Tax credits will now remain unchanged, after having lost a key vote on the House of Lords
The rate of Housing Benefit in the social sector will be capped at the same rate as is paid to those in the private rented sector.
Money will be spent to […]
- Key Points Spring Budget 2017