The Chancellor of the Exchequer, Phillip Hammond, has delivered his first spring budget.
Here we have identified the key ‘takeaways’ from the budget and provided a short video from our research partners at Morningstar, which provides a concise summary of what the budget means for you.
- Personal allowance to rise to £11,500 from 2017.
- Higher rate of tax threshold to increase to £45,000 from 2017.
- Tax free dividend allowance to reduce from £5,000 to £2,000 from April 2018.
- Abolishment of Class 2 National Insurance Contributions (NICs) from April 2018, with Class 4 NICs for the self-employed rising to 10%.
- UK economy growth forecast revised up from 1.4% to 2% for 2017.
Budget 2017 – What it means for you…
If you would like to discuss any investment or tax planning opportunities which have arisen from the budget, or any other aspects of your financial planning, then please do not hesitate to contact us today.