The Autumn Statement

Highlights

Corporation tax will fall to 17% by 2020.

The tax and national insurance advantages of salary sacrifice schemes will be removed from April 2017 except for arrangements relating to pensions, childcare, cycle to work scheme and ultra-low emission cars.  Arrangements in place before 5 April 2017 will be protected until April 2018.

Starting threshold for employee and employer National Insurance will be aligned, costing employers an additional £7.18 per employee per year.  No additional cost to the employee.

The personal allowance increase to £11,500 is confirmed from 2017.

The national min mum wage and the national living wage will increase.

A new savings bond with NS&I will be detailed in the next budget, providing investors with a 2.2% gross return on a three year bond.

The number of free childcare hours is to be increased from 2017.

No rise in fuel duty, but insurance premium tax will increase by 2% from 1 June 2017

Rural rate relief will increase to 100% from 1 April 2017, bringing it in line with small business rate relief.

Letting agency fees are to be borne solely by landlords.  Tenants will not bear any of the letting agency fees.

A response to the Masking Tax Digital consultation will be published in January 2017.

From Autumn 2017, the budget will be in the Autumn and the spring will see a Spring Statement.  We can look forward to two budgets in 2017.

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply