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Wall James Chappell is a modern specialist firm of solicitors which can trace its origins in Stourbridge back to 1830.
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Budget 2017
Posted on November 23rd 2017On 22nd November 2017, Phillip Hammond delivered his second budget and I have listed the key points below.
Personal
- Tax-free personal allowance on income tax to rise to £11,850
- Higher-rate tax threshold to increase to £46,350
- National Living Wage to rise in April 2018 by 4.4%, from £7.50 an hour to £7.83
- Stamp duty abolished for all first time buyer purchasing a property up to the value of £300,000
- National Minimum Wage will also increase
- Diesel supplement in company car tax to increase by 1%
- Employees that charge their electric vehicles at work will not incur a benefit-in-kind charge on the electricity used (The announcement is part of the government’s focus on electric vehicles, which includes a new £400 million charging infrastructure fund, an extra £100 million investment in the plug-in-car grant, and £40 million in charging research and development)
Business
- VAT threshold for small business to remain at £85,000 for two years A further £2.3bn allocated for investment in research and development
- Possible charges onb single use plastic items
- A planned cut to business rate rises in England has been brought forward by two years to 2018
- Local authorities will be able to charge 100% on council tax in respect of empty properties
Fuel, Tobacco and Alcohol
- Alcohol duties on beers, spirits, and wine frozen
- Fuel duty rise for petrol and diesel cars scheduled for April 2018 scrapped
- Vehicle excise duty for cars, vans and motorcycles registered before April 2017 to rise by inflation
- Tobacco will continue to rise by 2% above Retail Price Index (RPI) inflation
Other
- £40 million fund to assist under performing schools
- Extra funding for the NHS
- £1.7bn city region transport fund, to be shared between six regions with elected mayors and other areas £500m support for 5G mobile networks, full fiber broadband and artificial intelligence
For further information then please do not hesitate to contact me on 01384 371622 or v.younis@wjclaw.co.uk