Chancellor, Philip Hammond delivered his first budget speech today.
Key measures include:
- Business Rates – £1,000.00 discount for pubs with rateable value of less than £100,000.00. £50.00 per month cap on increases for small businesses no longer eligible for small business relief. £300 million discretionary fund.
- National Insurance – Class 4 contributions to increase to 10% in April 2018 and 11% in 2019. Class 2 contributions to be abolished in April 2018.
- Dividends – Tax free dividend allowance to be reduced to £2,000.00 from April 2018.
- Soft Drinks Levy – 18p per litre “sugar tax” to provide funds for sports and healthy living initiatives.
- Social Care – £2 billion to be made available over next 3 years to fund social care with £1 billion being made available 2017 – 2018.
- Free Schools – funding to be made available for 110 new free schools across the country.
- Education – establishment of new “T Levels” to provide standardised technical qualifications across the country.
- Technology – £270 million for new technology; £16 million for 5G; £200 million for local broadband networks.