Archive for March 2015

Budget 2015 – Other Matters

Digital tax accounts The government has announced some initiatives to ‘transform the tax system over the next Parliament’ by introducing digital tax accounts and removing the need for annual tax returns. A digital tax account will enable individuals and small businesses to see and manage their tax affairs online. As a first step, the government…
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Budget 2015 – Capital Taxes

Capital gains tax (CGT) rates The current rates of CGT are 18% to the extent that any income tax basic rate band is available and 28% thereafter. The rate for disposals qualifying for Entrepreneurs’ Relief is 10% with a lifetime limit of £10 million for each individual. CGT annual exemption The CGT annual exemption will…
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Budget 2015 – Employment Taxes

Employer provided cars The scale of charges for working out the taxable benefit for an employee who has use of an employer provided car are now announced well in advance. Most cars are taxed by reference to bands of CO2 emissions. The percentage applied to each band has typically gone up by 1% each year…
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Budget 2015 – Business Tax

Corporation tax rates From 1 April 2015 the main rate of corporation tax, currently 21%, will be reduced to 20%. As the small profits rate is already 20%, the need for this separate code of taxation disappears. The small profits rate will therefore be unified with the main rate. It is proposed that the rate…
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Budget 2015 – Personal Tax

The personal allowance for 2015/16 For those born after 5 April 1938 the personal allowance will be increased to £10,600. For those born before 6 April 1938 the personal allowance remains at £10,660. Comment The reduction in the personal allowance for those with ‘adjusted net income’ over £100,000 will continue. The reduction is £1 for…
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The Budget 2015

George Osborne presented the final Budget of this Parliament on Wednesday 18 March 2015. In his speech the Chancellor reported ‘on a Britain that is growing, creating jobs and paying its way’. Towards the end of 2014 the government issued many proposed clauses of Finance Bill 2015 together with updates on consultations. Due to the…
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