A SIMPLE GUIDE TO THE BUDGET 2017
This is a basic guide to the Budget 2017. It is an introduction only and should not be used as a definitive guide, since individual circumstances may vary. Specific advice should be obtained, where necessary.
A stronger, fairer, better Britain were the themes of the Budget. You can read the individual measures below.
This applies from 6 April and allows for the transfer of £1,150 of a personal allowance to a spouse or partner.
Self-employed National Insurance Contribution
The main rate of Class 4 NIC’s will increase (from the current rate of 9%) to 10% from April 2018 and to 11% from April 2019.
The tax-free dividend allowance was introduced from April 2016 so that the first £5,000 of dividend income would be tax free.
The tax-free dividend allowance will be reduced from £5,000 to £2,000 from April 2018.
The corporation tax rate will be reduced from 20% to 19% for the 2017/18 tax year and to 17% by 2020.
Annual Investment Allowance
The annual investment allowance of £200,000 per annum remains available for companies and for unincorporated businesses.
Making tax digital
Rollout beginning April 2018; however for unincorporated businesses with a turnover below the VAT registration threshold there would be a delay of one year to the introduction of quarterly reporting.
UK Deemed Domicile
Individuals who are not domiciled in the UK will be deemed to be UK domiciled for tax purposes if they are either resident in the UK for 15 of the past 20 tax years, or if they are born in the UK with a UK domicile of origin and return to the UK having obtained a domicile of choice elsewhere
Standard rate […]