The tax free personal allowance will rise to £11, 500 from April of 2017. The allowance will then rise to £12,500 by 2020. The higher rate threshold will also rise to £50,000 by 2020
National Living Wage
The National living wage will increase from £7.20 to £7.50 in April 2017.
Tax- Free Childcare
Tax free childcare will be introduced in early 2017 this will provide savings of up to £2000 per child.
Increased Infrastructure Funding
A 5 year National Productivity Investment Fund of £23bn will be introduced to drive investment in infrastructure. The fund will focus on the key areas of transport, digital communications, research and development (R&D) and housing. This funding has potential to create many jobs for contractors across many industries.
As predicted the government will stick to its previous pledge to reduce corporation tax to 17% by 2020.
From April 2017, the national insurance threshold for both employers and employees will be aligned at £157 a week. The Chancellor estimated this will be an additional cost to businesses of £7.18 per employee
From April 2017 employers and employees who make use of salary sacrifice schemes will be subject to the same tax as cash income. There will be certain exceptions, such as ultra-low emissions cars.
Local Growth Fund
£1.8bn from the local growth fund will be allocated in different English regions. This includes £556milllion in the North and £542million in the midlands and East of England.