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Todays budget at a glance
Welfare and pensions
- Working age benefits to ne frozen for four years, including tax credits and local housing allowance
- Rents in social housing sector will be reduced by 1% a year for the next four years
- Higher-income households in social housing will be required to pay rents at the market rate
- Tax credits and Universal Credit to be restricted to two children, affecting those born after April 2017
- Reduce earnings level for tax credits withdrawal from £6,420 to £3,850.
- Disability benefits will not be taxed or means-tested
- 18-21-year-olds will not be entitled to claim housing benefit automatically, with a new “earn to learn” obligation
- Employment and Support Allowance payments for claimants deemed able to work to be “aligned” with Jobseeker’s Allowance for new claimants
- pensions tax allowance to be tapered away to a minimum of £10,000 from next year
- Dividend tax credit to be replaced with a tax free allowance of £5,000 of dividend income for all taxpayers. The rates of dividend tax will be set at 7.5%, 32.5% and 38.1%
- New VED bands for new cars to be introduced from 2017, pegged to emissions – 95% of car owners will pay £140 a year.
- Fuel duties frozen for the remainder of this year
- Personal tax allowance to rise to £11,000 next year
- The point at which people start paying income tax at 40p to rise from £42,385 to £43,000 next year
- National living wage to be £9 per hour by 2020 for people 25 and over, starting from £7.20 per hour from next April
- Increase in inheritance tax threshold to £1m for married couples by 2017
- Corporation tax cut to 19% in 2017 and 18% by 2020
- New apprenticeship levy on all large firms- firms that offer apprenticeships can get more back than they put in
Health and education
- NHS will receive a further £8bn by 2020 (in addition to the £2bn already announced)
- Maintenance grants for students paid to students with family income below £42,000 to be scrapped and converted into loans from 2016/17, repayable on incomes over £21,000
- The maintenance loan will increase to £8,200
- Mortgage interest relief for buy-to-let homebuyers to be restricted to basic rate of income tax
- Rent-a-room relief scheme to rise to £7,500
- The cost of funding free TV licences for the over-75s will be transferred from the government to the BBC between 2018 and 2021
- The annual household benefit cap will be reduced to £23,000 in London and to a lower level in the rest of Britain.
- A consultation will take place on changing Sunday trading laws
- 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