Spring Budget 2017: Personal announcements
8th March 2017
Chancellor Philip Hammond has finished delivering his Spring Budget 2017.
Here is our summary of the key measures affecting personal finance:
National insurance contributions
Main rate of class 4 national insurance contributions will increase to 10% in April 2018 and to 11% in April 2019.
The tax-free dividend allowance will reduce from £5,000 to £2,000 from April 2018.
From September 2017, working parents with 3 and 4 year old children will have their tax-free entitlement doubled to 30 hours a week.
£2 billion extra funding for adult social care in England will carry over the next 3 years with £1 billion available in 2018.
The government will introduce T-Levels which aim to make the technical qualification system clearer.
Maintenance loans will be offered to part-time undergraduates and doctoral loans for all subjects for the first time.
The following measures previously announced have been confirmed:
- national living wage will rise to £7.50 from April 2017
- personal allowance will rise to £11,500 and the higher rate threshold to £45,000
- NS&I Bond will be available from April, paying 2.2% on deposits up to £3,000.