Spring Budget 2017: Outcomes
9 Mar 2017

Yesterday, Philip Hammond delivered the last official spring budget, outlining strategies and changes to help grow the economy and foster sustainability in preparation for Brexit. The Chancellor announced that £453m will be available for firms who were affected by the increases in business rates including a £300m hardship fund for the businesses who were hit the most.

It was also revealed that a tax avoidance clampdown totalling £820m will include actions to stop businesses converting their capital losses into trading losses and the North Sea oil producers are set to receive a tax review.

Also tax free dividend allowance dropped from £5k to £2k meaning an owner managed business with husband and wife shareholders can only take out £4k in dividends without paying tax after April 2018 as opposed to £10k in the current tax year.

Within the budget, it was identified that the UK economy is the second-fastest growing in the G7 during 2016 and growth for 2017 was upgraded from 1.4% to 2%. The Chancellor has said that this year’s budget has provided a strong and stable platform for Brexit which is due to start this year.