Spring Budget 2017—Summary of key announcements and background

Spring Budget 2017—Summary of key announcements and background

A summary of the key business tax announcements made in the Chancellor’s Spring Budget on 8 March 2017.

CONTENTS

KEY BUSINESS TAX ANNOUNCEMENTS

Key announcements that were new for the Spring Budget 2017 include:

  • the increase in class 4 National Insurance contributions (NICs) paid by the self employed from 9% to 10% in April 2018 and to 11% in April 2019
  • the reduction in the dividend allowance from £5,000 to £2,000 from April 2018
  • the introduction of a new withholding tax exemption for interest on debt traded on a Multilateral Trading Facility
  • the introduction of a new criminal offence for the evasion of the soft drinks industry levy

Government responses to the recently closed consultations on VAT grouping and 'Tackling offshore tax evasion: A requirement to notify HMRC of offshore structures' were not published, but might be expected alongside the introduction of the Finance Bill 2017 into parliament, which will be on 20 March 2017.

For the key Private Client announcements, see: Spring Budget 2017— Private Client analysis.

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Measures with immediate effect

New measures with effect from 8 March 2017:

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