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How has today's budget impacted on you? 8th Mar 2017 Business | Tax
Does a budget in the shadow of Brexit leaves Hammond short of choices

Philip Hammond’s first budget took place today. We've gathered together a snapshot of the headlines that are likely to affect you or your business.

Personal taxation
-  The main rate of Class 4 National Insurance contributions to increase from current rate of 9% to 10% in April 2018 and 11% in April 2019. This increase will raise £145m a year by 2021-22 at an average cost of 60p a week to those affected
-  No changes to income tax, VAT or other National Insurance categories
-  Personal tax-free allowance to rise as planned to £11,500 this year and to £12,500 by 2020

Pensions and savings
-  Reduction in tax-free dividend allowance for shareholders and directors of small private firms from £5,000 to £2,000. This measure will come into force in April 2018

-  Hammond has introduced £435m for firms affected by increases in business rates, including £300m hardship fund for those worst hit
-  Pubs with rateable value of less than £100,000 are to get a £1,000 discount on rates they pay
-  Increases for businesses losing existing relief will be capped at £50 a month
-  Hammond has highlighted a tax avoidance clampdown totalling £820m to include action to stop businesses converting capital losses into trading losses, tackle abuse of foreign pension schemes and introduce UK VAT on roaming telecoms services outside the EU and a review of taxation of North Sea oil producers

Alcohol, tobacco, gambling and fuel
-  A new minimum excise duty on cigarettes based on a packet price of £7.35
-  No increases in alcohol or tobacco duties on top of those previously announced
-  Vehicle excise duty rates for hauliers and the HGV Road User Levy frozen for another year

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