We have pleasure in enclosing our tax tables for the 2017/18 tax year, updated for announcements made in the Budget. We hope you will find them useful and interesting.
The Chancellor, Philip Hammond, focused his Spring Budget statement on investing in the UK’s future. This year’s growth forecasts were upgraded, which in turn provided some room for manoeuvre.
Among the key changes to note for this tax year are:
- 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, although special rules will apply in Scotland.
- The Chancellor confirmed that corporation tax will be cut to a rate of 19% from April 2017 and that the rate will be further reduced to 17% in 2020.
- The government has announced it will consult on proposals to redesign rent-a-room relief, to ensure it is better targeted to support longer-term lettings.
We trust that you find the enclosed tax tables useful. Please do get in touch if you would like a discussion with us about your tax or general financial situation.
Call us on 01273 774855 or email advice@pembrokefinancial.co.uk
