‘Spreadsheet Phil’ delivers his first and last Spring Budget
Before he stood up, punters could have obtained long odds about witnessing a wise-cracking ‘Spreadsheet Phil’, as he has become known, standing at the despatch box (the joke-o-meter registered seven during his hour-long address).
But beyond the laughs from the government benches combined with Opposition scowls, the Chancellor sent out some fairly serious messages.
For starters, as part of a fiscally-tight Budget there was the Chancellor’s decision to target the self-employed, company owners and investors in a bid to raise billions of pounds and provide a “strong and stable platform” for the UK’s negotiations as it navigates a path away from the EU.
He also proposed to enhance the fairness in the UK’s tax system with a view to transforming the economy into one that works for everyone.
Here are some of the main points of particular interest to clients of Cardens:
- The personal allowance will rise to £11,500 in April 2017 and to £12,500 by 2020 and the higher rate income threshold will rise to £45,000.
- The individual savings account (ISA) allowance will rise to £20,000 in April 2017 as previously announced.
- The tax-free dividend allowance will be reduced from £5,000 to £2,000 from April 2018.
- The Chancellor confirmed the launch of a new NS&I investment bond from April 2017 that will pay a 2.2% rate over a three-year term on deposits of up to £3,000.
- Corporation tax will be cut to a rate of 19% from April 2017 and it will be further reduced to 17% in 2020.
Bear in mind that until passed into legislation, there is still the potential for change.
If you have any questions or how any aspects of your tax and financial planning may be affected by the Budget, please call to discuss them.
A free copy of our Spring Budget 2017 booklet is available to download here: Cardens Spring Budget 2017