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Thread: The UK Budget 2017

  1. #1
    the devil's avocado Moderator Paul's Avatar
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    The UK Budget 2017

    Taken from the BBC News website...


    • Class 4 National Insurance contributions for the self-employed to increase from 9% to 10% in April 2018 and 11% in April 2019
    • Class 2 National Insurance, a separate flat rate contribution paid by self-employed workers making a profit of more than 5,965 a year, is to be scrapped as planned in April 2018
    • No changes to National Insurance paid by the employed and employers or to income tax or VAT
    • Personal tax-free allowance to rise as planned to 11,500 this year and to 12,500 by 2020

    Business

    • 435m for firms affected by increases in business rates, including 300m hardship fund for worst hit
    • Pubs with rateable value of less than 100,000 to get a one-year 1,000 discount on rates they would have paid
    • Rate rises for businesses losing existing relief will be capped at 50 a month
    • A 820m tax avoidance clampdown, including action to stop businesses converting capital losses into trading losses and introduction of UK VAT on roaming telecoms services outside the EU
    • Privately-owned SMEs to get extra year to prepare for tax digitisation and quarterly reporting
    • Review of taxation of North Sea oil producers

    The state of the economy

    • UK second-fastest growing economy in the G7 in 2016
    • Growth forecast for 2017 upgraded from 1.4% to 2%
    • A further 650,000 people expected to be in employment by 2021

    Alcohol, tobacco, gambling and fuel

    • No increases in alcohol or tobacco duties on top of those previously announced
    • A new minimum excise duty on cigarettes based on a packet price of 7.35
    • Tobacco will rise by 2% above Retail Price Index (RPI) inflation, with a packet of 20 cigarettes costing 35p more
    • Duty on beer, cider, wine and spirits will increase in line with RPI inflation
    • Fuel duty frozen for a further year
    • Vehicle excise duty rates for hauliers and the HGV Road User Levy frozen for another year


    Pensions and savings

    • Reduction in tax-free allowance on share dividends from 5,000 to 2,000
    • Dividend income paid on shares held in a stocks and shares ISA will remain tax free.
    • Measures to tackle abuse of overseas pension schemes

    Education (England only)

    • 300m to support 1,000 new PhD places and fellowships in STEM (science, technology, engineering and maths) subjects
    • Free school transport extended to all children on free school meals who attend a selective school
    • Upgrade fund of 216m for existing schools
    • 320m of funding for 110 new free schools and grammar schools
    • New T-Levels to be introduced to give parity of esteem for technical education
    • Number of hours of training for technical students aged 16 to 19 increased by more than 50%, including a high-quality, three-month work placement

    Health and social care

    • 100m to place more GPs in accident and emergency departments for next winter
    • Additional 325m to allow the first NHS Sustainability and Transformation Plans to proceed
    • An extra 2bn for social care over next three years, with 1bn available in the next year
    • Long-term funding options to be considered but so-called "death tax" on estates ruled out
    • Most sugary soft drinks to be taxed at 24p per litre as part of plans to reduce childhood obesity

    Housing/infrastructure/transport/regions/science

    • Transport spending of 90m for the north of England and 23m for the Midlands to address pinch points on roads
    • 690 million competition fund for English councils to tackle urban congestion.
    • 270m for new technologies such as robots and driverless vehicles
    • 16m for 5G mobile technology and 200m for local broadband networks
    • 250m in funding for Scottish Government, 200m for Welsh Government and 120m for Northern Ireland Executive

    Women

    • New funding totalling 20m to support the campaign against violence against women and girls
    • A further 5m committed to project to celebrate the centenary of women first getting the vote, and to educate young people about its significance
    • Funding of 5m to support people returning to work after a career break



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  2. #2
    Reduced benefits for families birthing a third child.

    Increased threshold in the upper tax bracket. (Not Scotland)

    Decreases in inheritance tax.

    Public service workers restricted to 1% wage increase regardless of RPI.

    Duty on alcohol increased in line with RPI.

    Jsa frozen.

    State pension increases by 2.5%.
    Last edited by zendaze; 10-03--2017 at 02:34 AM.

  3. #3
    Meow rhythm's Avatar
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