The Chancellor Philip Hammond has today delivered his first Budget.
- The main rate of Class 4 National Insurance contributions will increase from 9% to 10% in April 2018 and to 11% in April 2019
- Stamp Duty Land Tax – The government will delay the reduction in the filing and payment window from 30 days to 14 days until 2018-19.
- Thanks in part to NLA pressure, the government will provide an extra year, until April 2019, before Making Tax Digital is mandated for unincorporated businesses and landlords with turnover below the VAT threshold (currently £83.000 but rising to £85,000 from 1 April 2017).
- The tax-free dividend allowance will be reduced from £5,000 to £2,000 from April 2018.
- The government will consult on proposals to redesign rent-a-room relief, to ensure it is better targeted to support longer-term lettings.
- The government will shortly bring forward a green paper to examine markets that are not working efficiently or fairly.