A few highlights from yesterday’s budget
9 March 2017
The Personal Allowance will increase to £11,500 from April 17. The threshold for higher rate tax payers has increased to £45,000 for the 17/18 tax year.
Class 4 National Insurance contributions will rise to 10% in April 18 with a further 1% increase in April 19.
The tax free dividend allowance of £5,000 will reduce to £2,000 from April 2018. This will impact shareholders and directors of small private firms.
Yesterday’s budget also confirmed the Government’s intention to reduce the Money Purchase Annual Allowance for pensions. Anybody who has flexibly accessed their pensions under pension freedoms will now be restricted to a £4,000 per year pension contribution limit.
The above are just a couple of highlights but do feel free to get in touch if you require any further information.