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KRW Tax news

09 March 2017

NS&I investment bond interest rate to be 2.2% on up to £3,000

on Thursday, 09 March 2017.

The Chancellor confirmed that the new National Savings & Investments Investment Bond will be introduced from April 2017 and will be available for a period of 12 months. It will offer investors a market-leading interest rate of 2.2% on savings of up to £3,000, over a 3 year term.

09 March 2017

Digital tax delayed for unincorporated businesses under VAT threshold

on Thursday, 09 March 2017.

The government will allow an extra year for small businesses to prepare for Making Tax Digital, delaying the start date until April 2019 for eligible businesses. This will give those businesses a little longer before they have to make quarterly tax updates and implement digital record keeping.

09 March 2017

Personal allowance & higher rate thresholds to rise from April 2017

on Thursday, 09 March 2017.

As previously announced, the personal allowance will be increased to £11,500 from April 2017 (currently £11,000). Higher rate taxpayers will also benefit, with a welcome increase in the higher rate threshold to £45,000 from April 2017 (currently £43,000), while eventual targets of a personal allowance of £12,500 and a higher rate tax threshold of £50,000 by 2020 were also confirmed.

09 March 2017

Support for businesses outgrowing small business rates relief

on Thursday, 09 March 2017.

Alongside the previously announced changes to extend the number of businesses able to qualify for small business rates relief which arrive next month, Philip Hammond also announced that there will be support for growing businesses coming out of small business rates relief, with a cap placed on the rates increases faced by those businesses of £50 per month.

09 March 2017

Dividend allowance cut to £2,000 per annum from April 2018

on Thursday, 09 March 2017.

In a measure designed to reduce the tax gap between those employed and those running their own companies the Chancellor announced that the current £5,000 annual dividend allowance will be cut to £2,000 from April 2018. The current allowance will remain available for the 2017/18 tax year, but from April 2018 this change will cost most company shareholders an extra £225 in tax per annum.
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