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Personal Tax and the Spring Budget

09/03/2017

Personal Allowance increases to £11,500 from 2017, rising to £12,500 by the end of parliament. The 40% tax threshold was lifted to £45,000 and will increase to £50,000 by the end of the current parliament, as previously promised.

The tax-free Dividend Allowance will be reduced from £5,000 to £2,000 in April 2018.

National minimum wage for those over 25 to increase from £7.20 to £7.50 – an estimated increase of £500 per year for full-time workers

From April 2017, Inheritance Tax will be charged on UK residential property when it is held within a company or a trust.

The government will roll out Tax-Free Childcare for working families with children under 12. This will provide up to £2,000 a year for each child to help with childcare costs. From September 2017, the free childcare offer will double, from 15 to 30 hours a week for working families with three- and four-year-olds in England, worth up to £5,000 in total for each child.

The ISA allowance will increase to £20,000 from April 2017

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