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The Chancellor Philip Hammond presented the lastSpring Budget on Wednesday 8 March 2017In his speech the Chancellor was keen to point out that he wanted the tax system to be fair, particularly in relation to the distinction between employed and self-employed individuals.‘But a fair system will also ensure fairness between individuals, so that people doing similar work for similar wages and enjoying similar state benefits pay similar levels of tax.’In the Budget speech the Chancellor announced that he has requested a reportto be delivered in the summer on the wider implications of different employment practices. Also the Budget included changes to NICs and the Dividend Allowance.In December and January the government issued a number of the clauses, in draft, of Finance Bill 2017 together with updates on consultations.The Budget updates some of these previous announcements and also proposes further measures. Some of these changes apply from April 2017 and some take effect at a later date.Our summary focuses on the issues likely to affect you, your family and your business. To help you decipher what was said we have included our own comments. If you have any questions please do not hesitate to contact us for advice.Main Budget tax proposalsOur summary concentrates on the tax measures which include:• increases to the Class 4 National Insurance rates• a reduction in the Dividend Allowance• changes to the timing of Making Tax Digitalfor smaller businesses.Previously announced measures include:• increases to the personal allowance and basic rate band (a decreased band for Scottish residents)• the introduction of the Apprenticeship Levy• changes to corporation tax loss relief• the introduction of an additional inheritance tax residence nil rate band• changes for non-UK domiciled individuals.The Budget proposals may be subject to amendment in a Finance Act. You should contact us before taking any action as a result of the contents of this summary.ContentsPagePersonal Tax2- 4Business Tax5- 8Employment Taxes9 - 11Capital Taxes12 - 13Other Matters14Rates and Allowances15 - 16Budget Summary 2017Welcome 1

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