Spring Budget 2017: Key Points | Aston Shaw

Spring Budget 2017: Key Points

March 2017

Today, the Chancellor of the Exchequer, Philip Hammond announced the 2017 Spring Budget. We have taken the time to consider these announcements and have highlighted the key points below.

Businesses

Tax avoidance

Self-employment

Tax-free dividend allowance

‘National living wage’

Personal tax allowances

Savings

Education and Training

Scotland, Wales, Northern Ireland

Social care and NHS

… and on International Women’s Day

Philip Hunt, Tax Consultant at Aston Shaw, commented: “The Chancellor seemed to revel in throwing jibes at the opposition in what was in reality, a very limited budget. Philip Hammond intends to stick rigidly to his fiscal policy but I think he was mindful of the looming departure from Europe. Brexit will undoubtedly give him an interesting time in the future, while he attempts to manage unknowns and unforeseeable circumstances for the economy.

He did, however, announce some changes to Class 4 National Insurance Contributions from April 2018 as a first step in trying to align the National Insurance yield from the Self Employed with the employed. I expect similar changes in the future too.

Likewise, the reduction in dividend allowance will further affect those taking dividends from their own companies as part of their income extraction. This will also affect those with what I believe to be, modest amounts of dividends from their portfolios, perhaps pensioners who may not have put their modest amount of investments into an ISA wrapper.”

2 thoughts on “Spring Budget 2017: Key Points

  1. Michael Hughes says:

    I’ve been told that people who own and rent out property will no longer be able to get tax relief on the buy to let mortgages. Is this true. Many thanks Mike Hughes

    1. Aston Shaw says:

      Hello Mike,

      Thank-you for your question.

      In short, you still get relief but the rate of relief is being restricted so that all taxpayers, irrespective of your level of earnings, obtain relief at the basic rate. It’s gradually being phased in over four years commencing in tax year 2017/18. Please feel free to contact us for further details.

Leave a Reply

Your email address will not be published. Required fields are marked *

Sign up for our news and business insight newsletter

No spam. No waffle. Just useful, practical and valuable news and insight, straight to your inbox. We always protect your personal data.

Aston Shaw Twitter Logo

WIN some great prizes in our Run Norwich Photo Competition! For more details and to enter head to > https://t.co/x3F1cEOkYL #RunNorwich #RN19 pic.twitter.com/n8CCn7Jj0x

About 2 days ago from Aston Shaw's Twitter via Hootsuite Inc.

Client Login

Secure Document Exchange Login

To request access to use the Client Login feature, please email:


client@astonshaw.co.uk

Username:
Password:

You have Successfully Subscribed!

Secure Document Exchange Login

Please email or call your Client Manager directly to be set up with access or if you have lost your login credentials.


Username:
Password:

You have Successfully Subscribed!