In his first Budget on 8th March 2017, the new Chancellor Phillip Hammond announces the following:-
- 2% National Insurance rise for self employed workers by 2019.
- Tax free Dividend allowance on shares cut from £5,000 to £2,000
- The Income tax personal allowance will rise to £11,500 and the higher rate threshold (40p rate) to £45,000
- Clampdown totalling £820 million on tax avoidance to include action to stop businesses converting losses into trading losses.
- So called National Living Wage to rise to £7.50 an hour.
- £435 million extra help for businesses hit by rates increases.
- Any business coming out of “small business rate relief” will benefit from a cap that will stop bills raising by more than £50 a month next yar.
- In future years it will be capped at wither the transitional rate or £50 a month, whichever is higher.
- All pubs with a rateable value of less than £100,000, 90% of all English pubs, will get a £1,000 discount.
- There will be a £300 million fund for councils to give discretionary help to the hardest hit.
Cigarettes and alcohol
- Beer, cider, wines and spirits will increase with RPI inflation, as previously announced.
- Tobacco will increase by 2% over RPI inflation, as previously announced.
- An effective mnimum price of £8.82 a pack of 20 will be introduced on cigarettes.