With a new budget being announced yesterday we’ve outlined the main points for you below. Unfortunately, as I am sure you are aware, they have decided not to reconsider the tax changes due to be implemented next month regarding mortgage interest as a tax deductible expense.
Not at all a surprise but a shame, certainly based on recent figures released regarding the surplus they have received from the increased stamp duty surcharge.
If you would like to receive free financial advice or would like more information on the current value of your property/s, our Sales and Lettings team would be more than happy to help. Please call us on 01273 645797 or email firstname.lastname@example.org.
Please see a summary below on all other points discussed in parliament yesterday afternoons annual budget:
Forecast of 2% growth for 2017, up from 1.4% in 2016. Growth is forecast to slowly increase from 1.6% to 2.1% by 2021.
To be reduced to £51.7bn by the end of the financial year in 2017, £58.3bn by 2018, £40.8bn by 2019, £21.4bn by 2020 and then £20.6bn by 2021. By 2022 they plan to reduce this further to £16.8bn.
Small business tax
For businesses below VAT registration threshold, they have delayed the introduction of quarterly reporting at a cost of £280m.
Three points for England:
– Rate have been capped at £50 a month for small businesses losing their rate relief
– £1,000 discount on business rates for pubs with less than £100,000 rateable value
– A £300m fund will be set aside to provide discretionary relief for local authorities.
The treasury plan to raise £145m from increasing national insurance contributions for some self-employed people considering low tax contributions paid by self-employed people costing the taxpayer £5bn this year.
Dividend tax fee allowance
To be cut from £5,000 to £2,000 as of April 2018.
Tax and Duties
Sugar tax now set at just 18p and for the main and higher bands 24p per litre. Freezing vehicle excise duty for hauliers and HGVs and a new minimum excise duty on cigarettes.
National living wage, Personal tax allowances and Savings
Rises to £7.50 an hour in April.
As expected, £11,500 for basic rate taxpayers.
The promised NS&I three-year bond paying 2.2% will be available from April on savings up to £3,000.
£20million is being invested to fund the combating of violence against women.
Education and Careers
White paper to be published.
Funding of £320m for 110 new free schools to take the total to 500.
Free school transport has been extended to children receiving free school meals at selected schools.
£216million is also being invested in school maintenance.
Introduction of T-levels – technical qualifications, an alternative to A-levels – for 16- to 19-year-olds.
£40m for pilots on lifelong learning projects.
£690m competition for local authorities to tackle urban congestion.
National Health Service (NHS)
£325million of capital is intended to improve healthcare
£100m of funding for 100 onsite GP treatment centres with accident and emergency areas in England.
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