Spring Budget 2017: Predictions
6th March, 2017
On Wednesday 8 March 2017 Chancellor Hammond will deliver his Spring Budget.
The draft Finance Bill 2017 has provided us with an indication of government proposals to come into force from April of 2017. The key proposals are:
- Alignment of National Insurance Contributions (NIC) for employees and employers;
- Salary sacrifice limitations (the government is fixing a taxable value of those benefit in kinds provided through salary sacrifice at the higher amount of the cash forgone or the amount calculated under existing benefit in kind rules. This means there will no longer be a tax benefit for entering into these agreements);
- Alignment of dates for making good on benefits in kind. This has the effect of reducing the taxable value of the benefit in kind
Additionally, small businesses are set to suffer with Business Rate revaluations coming into place in April, some businesses could be faced with a 400% whilst some larger businesses may actually receive a decrease in their business rates.
More generally, the main focus has been on a predicted drop in government borrowing.
If you have any queries about the proposed changes and how these could impact you and your employees, please contact our Employment Department.
You might also be interested in...
22nd November, 2018
Family Law Partner Sandy Edwards believes there is. Next week, from 26 to 30 November, Resolution, an organisation of 6,500 family lawyers and other professionals, will be promoting “Good Divorce Week” which will focus on how separating and divorcing couples can put their children’s needs first and limit the impact of conflict. The week falls during the government’s divorce... Read More »
16th November, 2018
It is reported that a quarter of all complaints dealt with by the Legal Ombudsman revolve around costs. Therefore to avoid complaints and confusion, it is important to be clear from the outset. The new Transparency Rules (which the SRA have now confirmed will come into effect on 6 December 2018) require that accurate and relevant information is... Read More »
5th November, 2018
Aaron & Partners LLP has once again seen improved rankings in The Legal 500 – a comprehensive guide... Read More »