Spring Statement heralds wage bill rises

More than two million people are expected to benefit from increases to the National Minimum Wage for under-25s and apprentices, the chancellor has said in his Spring Statement. He has also pledged to increase the National Living Wage to £7.83 from April 2018. This is said to be worth £600 extra a year for a full-time worker.

In addition, the tax-free personal allowance – the amount you earn before you start paying income tax – will rise to £11,850 from April 2018. This means that in 2018-19, a typical taxpayer will pay £1,075 less income tax than in 2010-11.

Other highlights of the Spring Statement include:
• Business rates revaluation to come one year early: the chancellor has announced that the next revaluation, currently due in 2022, will be brought forward to 2021. This will mean businesses will change to three-year revaluations earlier, with the first taking place in 2024.
• More tax relief of self-funded training: To support up-skilling and retraining, the government is seeking views on extending the current tax relief to support self-employed people and employees when they fund their own training.


Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Thank you for visiting, the website for the leading magazine for care home managers, operators and directors. If you would like to receive the digital edition and/or the editor's regular newsletters via email please subscribe here.
Are you a care home staff member or operator?
Terms: Care Home Management (S&A Publishing) may use the information you provide on this form to get in touch with you with relevant industry news and promotions. You can change your mind at any time by clicking the unsubscribe link in the footer of any email you receive from us, or by contacting us. We will treat your information with respect. For more information please view our privacy policy.
By submitting this form you agree to the terms.