Spring Budget 2017: Personal announcements

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 four national insurance contributions will increase to 10% in April 2018 and to 11% in April 2019.

Dividend Allowance
The tax-free dividend allowance will reduce from £5,000 to £2,000 from April 2018.

Tax-free Childcare
From September 2017, working parents with 3 and 4 year old children will have their tax-free entitlement doubled to 30 hours a week.

Social Care
£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
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.

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