A look at the personal rates going up, down or freezing in the 2017 Finance Act
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:
- 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.
- Excise duties on tobacco are to rise by 2% above inflation.
- Beer, cider and spirits duties will increase in line with RPI inflation.
- 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.