Philip Hammond today delivered his first Autumn Statement as the Conservative Government’s Chancellor of the Exchequer – and there were a number of key issues surrounding taxation and pay.
Hammond revealed that the income tax threshold is to be raised to £11,500 in April 2017. It currently stands at £11,000 .
The Chancellor also stated that the higher rate income tax threshold will rise to £50,000 by the end of the Parliament.
Hammond’s other key taxation/pay announcements were:
- Tax savings on salary sacrifice and benefits in kind to be stopped, with exceptions for ultra-low emission cars, pensions, childcare and cycling
- National Living Wage to rise from £7.20 an hour to £7.50 from April next year
- Employee and employer National Insurance thresholds to be equalised at £157 per week from April 2017
- Insurance premium tax to rise from 10% to 12% next June