{"id":2190,"date":"2017-04-12T10:04:09","date_gmt":"2017-04-12T09:04:09","guid":{"rendered":"http:\/\/www.certaxlondon.co.uk\/?p=2190"},"modified":"2017-04-21T06:58:55","modified_gmt":"2017-04-21T05:58:55","slug":"spring-budget-2017-summary-of-tax-legislation-rates","status":"publish","type":"post","link":"https:\/\/staging.certaxlondon.co.uk\/news\/spring-budget-2017-summary-of-tax-legislation-rates\/","title":{"rendered":"Key Points of Spring Budget 2017 Summary & Predictions"},"content":{"rendered":"

The spring budget 2017 UK date was delivered on Wednesday 8th<\/sup> March at 12.30pm by Phillip Hammond. This will be the last Spring budget because the Chancellor will deliver an Autumn Budget and a Spring statement going forward. Here are some subjects that was discussed with the Spring budget 2017:<\/p>\n

The health of the economy<\/strong><\/p>\n

Every year the growth of the economy is set to increase 2 per cent, much faster than the previous years where it was increased by 1.4 per cent. In 2018 the gross domestic product is a budget predicting to sow down again to1.6 per cent but then to increase in 2019.<\/p>\n

The UK budget 2017 prediction suggest that every year the UK employment will rise and by 2021 a further 650,000 will be in work. Inflation will go up budgeting 2.4 per cent in 2017 before falling to 2.3 per cent in 2018 and 2 per cent in 2020.<\/p>\n

Taxation<\/strong><\/p>\n

People who are self-employed and has their national insurance in the class 4 rate will see that their percentage will go up from 9 to 1- per cent over the next year and it will increase again predicting 11 per cent in April 2019.<\/p>\n

In 2018 the threshold of tax-free allowance on share dividends will drop from \u00a35,000 to \u00a32,000 for directors and shareholders.<\/p>\n

The tax<\/a> legislation and Income tax rates will not rise and there will be no change in VAT or NI. The nation living wage will rise to \u00a37.50 in April – Spring. The personal tax allowance will rise to \u00a311,500 this year and \u00a312,500 by 2020.<\/p>\n

Transport and infrastructure<\/strong><\/p>\n

\u00a3690 million is to be given to local authorities to slow down the congestion that is cause by traffic and rush hour on trains and busses. Transport spending is predicting \u00a390 million for north of England and \u00a323 million for the Midlands. 5G mobile technology is predicted to benefit from \u00a316 million extra funding and \u00a3200 million for local broadband.<\/p>\n

Education<\/strong><\/p>\n

Over the next 3 years, \u00a3216 million of budget will be invested into schools to improve them. Students who are ages 16 to 19 have the have to complete T Levels. T levels are 15 technical qualifications which will be out to replace the 13,000 technical certificates on offer and will include a 3-month work placement for each student \u00a3320 million are being made available for 110 schools including the 500 which have already received the funding.<\/p>\n

Business<\/strong><\/p>\n

The spring budget allows pubs to have \u00a31,000 discount on their bills in 2017 if their rateable value is less than \u00a3100,000. Local authorities will also be given a \u00a3300 million fund to help business who are hardest hit. A lump sum of this money is expected to go to London.<\/p>\n

With \u00a3820 million, they plan to crack down on tax avoidance by tackling abuse of foreign pension schemes, to bring harsher penalties for professionals who solicit a tax avoidance arrangement and introducing VAT on roaming telecoms services.<\/p>\n

Spring budget 2017 predictions:<\/strong><\/p>\n