On 23 November 2016, UK Chancellor of the Exchequer Philip Hammond delivered the Autumn Statement 2016 to parliament. The main tax-related measures include:
Individual Income Tax
The individual income tax brackets and threshold will be as follows from 6 April 2017:
- up to GBP 33,500 - 20%
- GBP 33,501 up to 150,000 - 40%
- over GBP 150,000 - 45%
The annual personal allowance will be increased from GBP 11,000 to GBP 11,500.
Commitment to Cutting Corporation Tax to 17% by 2020
The main rate…