Spring Budget 2017: Philip Hammond's speech to Parliament on 8 March 2017

BL have selected some of the financial changes that may affect you or your business following today’s financial statement of the Chancellor:

1. Personal tax-free allowance to rise as planned to £11,500 this year and to £12,500 by 2020;

2. Reduction in tax-free dividend allowance for shareholders and directors of small private firms from £5,000 to £2,000. The measure will come into force in April 2018;

3. National Insurance will rise 2% for self-employed workers by 2019;

4. Confirmation that the corporation tax main rate will be cut to 17% by 2020; and

5. Rate rises for businesses losing existing relief will be capped at £50 a month.

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