Chartered Tax Advisers & Accountants

Budget 2017 - At A Glance

Published On: 10 March 2017
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Personal Allowances and Income Tax Thresholds

 

  Current

  From April 2017

 Personal Allowance

  £11,000

  £11,500

 Personal Savings Allowance

  Basic Rate                    £1,000

  Higher Rate                  £500

  Additional Rate            £nil

  Basic Rate                    £1,000

  Higher Rate                  £500

  Additional Rate            £nil

 Dividend Allowance

  £5,000

  £5,000

 Marriage Allowance

  £1,100

  £1,150

 Starting Rate for Savings

  £0 – £5,000                  @ 0%

  £0 – £5,000                  @ 0%

 Income Tax Thresholds  (Scotland)

  £0 – £32,000                @ 20%

  £32,001 – £150K         @ 40%

  Over £150K                 @ 45%

  £0 – £31,500                @ 20%

  £31,501 – £150K         @ 40%

  Over £150K                 @ 45%

 Income Tax Thresholds  (England, Wales, N.Ireland)

  £0 – £32,000                @ 20%

  £32,001 – £150K         @ 40%

  Over £150K                 @ 45%

  £0 – £33,500                @ 20%

  £33,501 – £150K         @ 40%

  Over £150K                 @ 45%

 Dividend Tax Rates

  Basic Rate                    @ 7.5%

  Higher Rate                  @ 32.5%

  Additional Rate            @ 38.1%

  Basic Rate                    @ 7.5%

  Higher Rate                  @ 32.5%

  Additional Rate            @ 38.1%

Note: the dividend allowance reduces to £2,000 from April 2018

 

Capital Gains Tax

 

 Current

 From April 2017

  Exemption

  Basic Rate                   

  Higher Rate                 

  Additional Rate           

 £11,100

 10% or 18% (Residential Property)

 20% or 28% (Residential Property)

 20% or 28% (Residential Property)

 £11,300

 10% or 18% (Residential Property)

 20% or 28% (Residential Property)

 20% or 28% (Residential Property)

 

Employee Benefits in Kind

 

 Current

 From April 2017

  Car Fuel Benefit Charge Multiplier

  Van Benefit Charge

  Zero Emission Van Benefit Charge

  Van Fuel Benefit Charge

 £22,200

 £3,170

 £634

 £598

 £22,600

 £3,230

 £646

 £610

 

National Insurance Contributions (NIC)

 Profits

 Current

 From April 2017

 Class 2 NIC

 £0 - £5,965                   £0 pw

 £5,966 and over          £2.80 pw

 £0 - £6,025                   £0 pw

 £6,026 and over          £2.85 pw

 Class 4 NIC

 

 £0 - £8,060                    0%

 £8,061 - £43,000           9%

 £43,001 and over         2%

 £0 - £8,164                     0%

 £8,165 - £45,000           9%

 £45,001 and over         2%

Note: Class 2 NIC is to be abolished from April 2018.  The initial rate of Class 4 NIC will increase from 9% to 10% from April 2018, then to 11% from April 2019.

 

VAT Registration

 

 Current

 From April 2017

  Registration

 £83,000

 £85,000

  Deregistration

 £81,000

 £83,000

 

Businesses

 

 Current

 From April 2017

  Corporation Tax Rate

 20%

 19%

  Annual Investment Allowance

 £200,000

 £200,000

 

National Minimum Wage (NMW) & National Living Wage (NLW)

Age

Current Rate

From April 2017

Apprentice (Note)

£3.40

£3.50

16 - 17

£4.00

£4.05

18 - 20

£5.55

£5.60

21 - 24

£6.95

£7.05

25 and over (NLW)

£7.20

£7.50

Note: Apprentices that are aged 19 or over and have completed their first year of apprenticeship are entitled to the NMW for their age.