A look at the personal rates going up, down or freezing in the 2017 Finance Act

Photo of miniature figurines standing before a pile of coins
By Chris Cunnane, Tax, Law and Financial Accounting Tutor

17 April 2017

Not sure about wading through all 726 pages of the Finance Act 2017- the longest Finance Bill ever published - to find out rates that relate to you? Here is our summary of changes that may affect your everyday life:

Freezes

  • Fuel duty has been frozen for the seventh year in a row.
  • It was originally announced that Class 4 NICs will increase from 9%, however, following press and party backlash, the Chancellor announced on 15 March 2017 that these rises will not go ahead. The Taylor review will examine how employment and self-employment tax could be aligned in the future.

Rises

  • Excise duties on tobacco are to rise by 2% above inflation.
  • Beer, cider and spirits duties will increase in line with RPI inflation. 

Delays

  • Making Tax Digital: the start date for digital reporting for unincorporated businesses and landlords with turnover below the VAT registration threshold will be deferred until April 2019.  
  • Proposals to reduce the Stamp Duty Land Tax filing and payment window from 30 days to 14 days will be delayed until after April 2018.
  • There will be a consultation on rent-a-room relief to ensure it is better targeted to support long-term letting.

Topics

  • CA Student blog

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