Archive for June 2015

Summer Budget 2015 – Other Matters

Tax lock The government will legislate to set a ceiling for the main rates of income tax, the standard and reduced rates of VAT, and employer and employee Class 1 NIC rates, ensuring that they cannot rise above their current levels. The tax lock will also ensure that the NIC Upper Earnings Limit cannot rise…
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Summer Budget 2015 – Capital Taxes

Capital gains tax (CGT) rates and annual exemption No changes have been announced in respect of CGT rates or the annual exemption. Inheritance tax (IHT) nil rate band The IHT nil rate band is currently frozen at £325,000 until April 2018. This is to remain frozen until April 2021. IHT and the main residence nil…
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Summer Budget 2015 – Business Tax

Corporation tax rates From 1 April 2015 the main rate of corporation tax is 20% and it is proposed that this rate will continue for the Financial Year beginning on 1 April 2016. The main rate of corporation tax will then be reduced as follows: 19% for the Financial Years beginning on 1 April 2017,…
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Summer Budget 2015 – Personal Tax

The personal allowance for 2015/16 For those born after 5 April 1938 the personal allowance is £10,600. For those born before 6 April 1938 the personal allowance remains at £10,660. The reduction in the personal allowance for those with ‘adjusted net income’ over £100,000 is £1 for every £2 of income above £100,000. So for…
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Summer Budget 2015 – Overview

George Osborne presented the first Budget of this Parliament on Wednesday 8 July 2015. The speech set out his plans for the next five years ‘to keep moving us from a low wage, high tax, high welfare economy; to the higher wage, lower welfare country we intend to create’. Main Budget tax proposals New taxation…
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