We are pleased to present a summary of the 2017 Spring Budget.
The Chancellor, Philip Hammond, presented the final Spring Budget on Wednesday 8 March 2017. In his speech the Chancellor was keen to point out that he wanted the tax system to be fair, particularly in relation to the distinction between employed and self-employed individuals.
Our summary gives details on announcements around:
- personal tax
- business tax
- employment taxes
- capital taxes
- other matters
- rates and allowances
If you have any questions please do contact us.
One of the significant announcements Chancellor Philip Hammond made on Budget Day was the proposed increases to the main rate of Class 4 National Insurance Contributions (NICs) paid by self-employed individuals. The rate was to increase from 9% to 10% from April 2018 with a further increase planned from 10% to 11% from April 2019.
The Chancellor has announced that the government will not now proceed with the proposed increase in Class 4 NICs rates. Self-employed individuals currently pay Class 2 and Class 4 NICs. Class 2 NICs are to be abolished from April 2018.