Spring Budget 2017
The Chancellor, Philip Hammond, focused his Spring Budget statement on investing in the UK’s future. This year’s growth forecasts were upgraded, which in turn provided some room for manoeuvre.
Among the key changes to note for this tax year are:
· The Chancellor confirmed that corporation tax will be cut to a rate of 19% from April 2017 and it will be further reduced to 17% in 2020.
· The personal allowance will rise to £11,500 in April 2017 and to £12,500 by 2020 and the higher rate income threshold will rise to £45,000, although special rules will apply in Scotland.
· The tax-free dividend allowance will be reduced from £5,000 to £2,000 from April 2018.
· The Chancellor announced the introduction UK VAT on roaming telecoms services used and enjoyed outside the EU.
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