On the 16th March 2016 George Osborne delivered the first Budget speech of 2016. So what exactly did the Chancellor say, and more importantly, how will you be affected?
You can access your free copy of our 2016 Budget Summary Here.
The key changes as we see them are as follows:
1. A reduction in Corporation Tax rates to 17% by 2020.
2. An 8% reduction in Capital Gains Tax rates.
3. Confirmation that the 3% SDLT surcharge will apply to purchases of 2nd homes with NO EXCEPTIONS for companies or significant investors.
The previous changes to pension tax relief didn’t happen, but don’t forget the previously announced restriction for higher earners starts from 6th April 2016.
Here’s a quick recap on other important changes announced previously that will apply from 6th April 2016.
1. Increase in Dividend Tax rates for taxpayers with more than £5,000 of dividends.
2. The Employer NIC exemption increases to £3,000, but is no longer available for single director-only companies.
For more information on how your business could be affected by these changes, please contact Sarah Salton now on 01925 761 600 or email her at email@example.com