Budget Report 2017-18

14

Spring Budget 2017

What they said... 'We are building the foundations of a stronger, fairer, more global Britain.' Philip Hammond, Chancellor of the Exchequer

'This was a Budget of utter complacency about the state of our economy, utter complacency about the crisis facing our public services and complacency about the reality of daily life for millions of people in this country.' Jeremy Corbyn, Labour Party leader 'The business communities hardest-hit by this year's business rates revaluation will breathe a little easier thanks to the Chancellor's decision to offer a package of transitional reliefs.' Adam Marshall, Director General of the British Chambers of Commerce 'The Chancellor’s jokes may have been funnier than anybody expected, but it’ll be business leaders’ resilience that’ll be needed to ensure we’re still smiling in November.' Stephen Martin, Director General of the Institute of Directors Devolution The UK tax system is set for further landmark changes over the coming months and years, as more powers are devolved to Scotland, Wales and Northern Ireland. Scotland From 6 April 2017, the Scottish government will set the rates and bands (excluding the personal allowance) on the non-savings, non-dividend income of Scottish taxpayers. For 2017/18 the Scottish government will freeze the higher rate income tax threshold at £43,000. Wales The Welsh government is set to gain its own new income tax-setting powers in April 2019, allowing it to make cuts or increases of up to 10p within each band of the income tax collected within Wales. From April 2018 a new Land Transaction Tax (LTT) is also set to come into effect in Wales, replacing stamp duty land tax (SDLT). Northern Ireland In April 2018, Northern Ireland is set to gain additional control over corporation tax, with the introduction of the Northern Ireland Rate. This new rate of corporation tax will be charged on profits generated in Northern Ireland and the Northern Ireland Executive plans to set the new rate at 12.5%.

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