The spring budget 2017 UK date was delivered on Wednesday 8th March at 12.30pm by Phillip Hammond. This will be the last Spring budget because the Chancellor will deliver an Autumn Budget and a Spring statement going forward. Here are some subjects that was discussed with the Spring budget 2017:
The health of the economy
Every year the growth of the economy is set to increase 2 per cent, much faster than the previous years where it was increased by 1.4 per cent. In 2018 the gross domestic product is a budget predicting to sow down again to1.6 per cent but then to increase in 2019.
The UK budget 2017 prediction suggest that every year the UK employment will rise and by 2021 a further 650,000 will be in work. Inflation will go up budgeting 2.4 per cent in 2017 before falling to 2.3 per cent in 2018 and 2 per cent in 2020.
Taxation
People who are self-employed and has their national insurance in the class 4 rate will see that their percentage will go up from 9 to 1- per cent over the next year and it will increase again predicting 11 per cent in April 2019.
In 2018 the threshold of tax-free allowance on share dividends will drop from £5,000 to £2,000 for directors and shareholders.
The tax legislation and Income tax rates will not rise and there will be no change in VAT or NI. The nation living wage will rise to £7.50 in April – Spring. The personal tax allowance will rise to £11,500 this year and £12,500 by 2020.
Transport and infrastructure
£690 million is to be given to local authorities to slow down the congestion that is cause by traffic and rush hour on trains and busses. Transport spending is predicting £90 million for north of England and £23 million for the Midlands. 5G mobile technology is predicted to benefit from £16 million extra funding and £200 million for local broadband.
Education
Over the next 3 years, £216 million of budget will be invested into schools to improve them. Students who are ages 16 to 19 have the have to complete T Levels. T levels are 15 technical qualifications which will be out to replace the 13,000 technical certificates on offer and will include a 3-month work placement for each student £320 million are being made available for 110 schools including the 500 which have already received the funding.
Business
The spring budget allows pubs to have £1,000 discount on their bills in 2017 if their rateable value is less than £100,000. Local authorities will also be given a £300 million fund to help business who are hardest hit. A lump sum of this money is expected to go to London.
With £820 million, they plan to crack down on tax avoidance by tackling abuse of foreign pension schemes, to bring harsher penalties for professionals who solicit a tax avoidance arrangement and introducing VAT on roaming telecoms services.
Spring budget 2017 predictions:
- Price of a pint
- Price of fuel
- Price of cigarettes
- Rural broadband boost
Price of a pint
A freeze on beer duty is highly likely going by the previous years of freezes. Alcohol industry are putting pressure on bumping up the prices due to the Brexit.
Price on fuel
Prices went up in January by 17 per cent, signalling a potential squeeze on household spending inflation in general was on the up. They don’t want to add any more money onto the fuel
Price of cigarettes
The cigarette prices will be set following the minimum excise tax. However, the tobacco industry could be forced to budget up the prices.
Rural broadband boost
The government is considering how to boost broadband connectivity in areas and that could come in the form of vouchers worth £3,000 for small businesses.
Stamp Duty
The Budget 2017 stamp duty is to do with land tax. It is a tax that when anyone buys land or a property more than a set amount has to pay. The rate of the stamp duty varies based on the type of property and the price. Homes that are bought for under £125,000 are exempt from the stamp duty. But with the house prices rising the people who buy the houses are being pulled into this tax. In 2006 the proportion of first-time buyer paying stamp duty was 53 per cent. In 2016, it has risen by 21 per cent, leading to now 74 per cent are paying the stamp duty.
The spring budget 2017 UK date was delivered on Wednesday 8th March at 12.30pm by Phillip Hammond. This will be the last Spring budget because the Chancellor will deliver an Autumn Budget and a Spring statement going forward. Here are some subjects that was discussed with the Spring budget 2017:
The health of the economy
Every year the growth of the economy is set to increase 2 per cent, much faster than the previous years where it was increased by 1.4 per cent. In 2018 the gross domestic product is a budget predicting to sow down again to1.6 per cent but then to increase in 2019.
The UK budget 2017 prediction suggest that every year the UK employment will rise and by 2021 a further 650,000 will be in work. Inflation will go up budgeting 2.4 per cent in 2017 before falling to 2.3 per cent in 2018 and 2 per cent in 2020.
Taxation
People who are self-employed and has their national insurance in the class 4 rate will see that their percentage will go up from 9 to 1- per cent over the next year and it will increase again predicting 11 per cent in April 2019.
In 2018 the threshold of tax-free allowance on share dividends will drop from £5,000 to £2,000 for directors and shareholders.
The tax legislation and Income tax rates will not rise and there will be no change in VAT or NI. The nation living wage will rise to £7.50 in April – Spring. The personal tax allowance will rise to £11,500 this year and £12,500 by 2020.
Transport and infrastructure
£690 million is to be given to local authorities to slow down the congestion that is cause by traffic and rush hour on trains and busses. Transport spending is predicting £90 million for north of England and £23 million for the Midlands. 5G mobile technology is predicted to benefit from £16 million extra funding and £200 million for local broadband.
Education
Over the next 3 years, £216 million of budget will be invested into schools to improve them. Students who are ages 16 to 19 have the have to complete T Levels. T levels are 15 technical qualifications which will be out to replace the 13,000 technical certificates on offer and will include a 3-month work placement for each student £320 million are being made available for 110 schools including the 500 which have already received the funding.
Business
The spring budget allows pubs to have £1,000 discount on their bills in 2017 if their rateable value is less than £100,000. Local authorities will also be given a £300 million fund to help business who are hardest hit. A lump sum of this money is expected to go to London.
With £820 million, they plan to crack down on tax avoidance by tackling abuse of foreign pension schemes, to bring harsher penalties for professionals who solicit a tax avoidance arrangement and introducing VAT on roaming telecoms services.
Spring budget 2017 predictions:
- Price of a pint
- Price of fuel
- Price of cigarettes
- Rural broadband boost
Price of a pint
A freeze on beer duty is highly likely going by the previous years of freezes. Alcohol industry are putting pressure on bumping up the prices due to the Brexit.
Price on fuel
Prices went up in January by 17 per cent, signalling a potential squeeze on household spending inflation in general was on the up. They don’t want to add any more money onto the fuel
Price of cigarettes
The cigarette prices will be set following the minimum excise tax. However, the tobacco industry could be forced to budget up the prices.
Rural broadband boost
The government is considering how to boost broadband connectivity in areas and that could come in the form of vouchers worth £3,000 for small businesses.
Stamp Duty
The Budget 2017 stamp duty is to do with land tax. It is a tax that when anyone buys land or a property more than a set amount has to pay. The rate of the stamp duty varies based on the type of property and the price. Homes that are bought for under £125,000 are exempt from the stamp duty. But with the house prices rising the people who buy the houses are being pulled into this tax. In 2006 the proportion of first-time buyer paying stamp duty was 53 per cent. In 2016, it has risen by 21 per cent, leading to now 74 per cent are paying the stamp duty.
