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Budget 23 November 2016
BRIEF HIGHLIGHTS OF TAX CHANGES:
> Raising of the income tax personal allowance to £12,500 and the higher rate threshold to £50,000, by the end of this Parliament. For 2017/18 the personal allowance will rise to £11,500 and the higher rate threshold to £45,000.
> The National Insurance threshold for employer and for employee will be aligned from April 2017 to weekly earnings at £157.
> Salary sacrifice – the tax and employer National Insurance advantages of salary sacrifice schemes will be removed from April 2017, except for arrangements relating to pensions (including advice), childcare, Cycle to Work and ultra-
> The ISA limit increases from £15,240 to £20,000 in April 2017.
> Starting rate for savings – The band of savings income that is subject to the 0% starting rate will remain at its current level of £5,000 for 2017-
> Insurance Premium Tax (IPT) – The standard rate of IPT will rise to 12% from 1 June 2017
> VAT Flat Rate Scheme – New 16.5% rate from 1 April 2017 for businesses with limited costs, such as many labour-
> Fuel duty rate will remain frozen for the seventh successive year.
> Ban on letting agents’ fees to tenants.
|Budget March 2016|
|Budget Mar 2017|
|Budget Nov 2016|
|Employee Mileage Claims|
|Travel Expenses Art|
|Building Trades - Employment Status|