The Chancellor of the Exchequer, Philip Hammond, delivered his Spring Budget to Parliament on 8 March 2017. This Budget was the last one to take place in the spring. The Chancellor said last year that he wanted to simplify the whole business of setting taxes and government spending, which had become too complicated.
Helping young people save flexibly for the long term throughout their lives
The Government said the introduction of a new Lifetime Individual Savings Account (LISA) will help young people save flexibly for the long term throughout their lives. The aim is to help them simultaneously save for a first home and for their retirement, without having to choose one over the other.
The Personal Allowance will increase to £11,500, and the higher-rate threshold will rise to £45,000 in April 2017
The Personal Allowance is the amount of income you can earn before you start paying Income Tax. This is currently £10,600 – it will already rise to £11,000 in 2016/17, and will now increase further to £11,500 in April 2017.