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Autumn statement: what pharmacy owners need to know

Reductions in public spending and a rise in the national debt were announced in Chancellor of the Exchequer Philip Hammond’s first Autumn Statement. His announcements regarding pay and taxation, of interest to owners of businesses such as pharmacies and their employees, were as follows:

  • The income tax threshold will be raised from £11,000 to £11,500 in April 2017
  • The higher rate income tax threshold will rise to £50,000 by the end of this Parliament
  • Tax savings on salary sacrifice and benefits in kind will be stopped – with the exception of those on ultra-low emission cars, pensions, childcare and cycling
  • The National Living Wage will rise from £7.20 an hour to £7.50 from April 2017
  • Employee and employer NI thresholds will be equalised at £157 per week from April 2017
  • Insurance premium tax will rise from 10 per cent to 12 per cent in June 2017.

Full details of the Statement can be found here.

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