Samantha Hamilton, head of the Private Client Department at Mullis & Peake LLP and Member of Solicitors for the Elderly shares a summary of the Budget.
The Chancellor appears to have decided against asking Angela Ripon to join him at the dispatch box when he told us that "There may be trouble ahead.....". The decidedly non-show-business delivery reflected the cautious and careful approach Philip Hammond wishes to take in the approach to Brexit. The main announcements were: Income Tax - reduction in the tax-free dividend allowance from £5,000 to £2,000 from April 2018. Self-employed NINO - Class 4 National Insurance paid by the self-employed will increase by 1% to 10% from April 2018 and then to 11% in 2019. Business Rates - there will be £435m made available for firms with increased business rates, including a £300m "hardship fund" for local councils to offer discretionary relief to some small businesses. Pubs with rateable value of under £100,000 will receive a £1,000 discount on rates. Social Care Funding - additional funding of £2bn in England over 3 years, starting with £1bn in 2017/18. A new review of long-term funding options, but "death tax" on estates ruled out. NHS - £100m to fund extra GPs in accident & emergency departments next winter. Fuel & alcohol duty - no further rises other than those already announced. Cigarettes - minimum duty to be introduced based on a pack price of £7.35. Investment in technical apprenticeships to boost workforce skills - so-called "T-Levels".
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