Home Business NewsBusiness Budget 2017: The business measures you need to know

Budget 2017: The business measures you need to know

by LLB Reporter
8th Mar 17 2:01 pm

Take a look at the key points…

Philip Hammond has just delivered his first Budget as Chancellor of the Exchequer, here are the key measures:

  • £435m for firms affected by increases in business rates.

  • £300m hardship fund for small businesses worst affected.

  • Pubs with rateable value of less than £100,000 to get a £1,000 discount on rates they pay.

  • Any business losing existing relief will not pay more than £50 a month.

  • 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.

  • The main rate of Class 4 National Insurance contributions to increase from current rate of 9 per cent to 10 per cent in April 2018 and 11 per cent in April 2019, raising £145m a year by 2021-22 at an average cost of 60p a week to those affected.

  • Transport spending of £90m for the north of England and £23m for the Midlands to address pinch points on roads.

  • £270m for new technologies such as robots and driverless vehicles, £16m for 5G mobile technology and £200m for local broadband networks.

  • Inflation forecast to rise to 2.4% in 2017-18 before falling to 2.3% and 2.0% in subsequent years.

  • Growth forecast for 2017 upgraded from 1.4% to two per cent.

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