Archive for March 2016

Budget 2016 – Other Matters

Stamp Duty Land Tax (SDLT) and Land and Buildings Transaction Tax (LBTT) The Chancellor announced in the Autumn Statement that new rates of SDLT on purchases of additional residential properties would apply from 1 April 2016. Similar legislation was introduced in the Scottish Parliament for LBTT which applies to property transactions in Scotland. The LBTT…
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Budget 2016 – 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 government is to reduce the higher rate of CGT from 28% to 20% and the basic rate from 18% to 10%. The trust CGT rate will also…
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Budget 2016 – Employment Taxes

NIC for apprentices under 25 From 6 April 2016 employer NICs are 0% for apprentices under 25 who earn less than the upper secondary threshold (UST) which is £827 per week (£43,000 per annum). Employers are liable to 13.8% NIC on pay above the UST. Employee NICs are payable as normal. An apprentice needs to:…
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Budget 2016 – Business Tax

Corporation tax rates The main rate of corporation tax is currently 20% and 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, 1 April 2018 and 1 April 2019…
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Budget 2016 – Personal Tax

The personal allowance For those born after 5 April 1938 the personal allowance is currently £10,600. Those born before 6 April 1938 have a slightly higher allowance. Legislation has already been enacted to increase the personal allowance to £11,000 in 2016/17. From 2016/17 onwards one personal allowance will apply regardless of age. Comment Not everyone…
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The 2016 Budget – What You Need To Know

George Osborne presented the first Spring Budget of this Parliament on Wednesday 16 March 2016. In his speech the Chancellor reported on ‘an economy set to grow faster than any other major advanced economy in the world’. Towards the end of last year the government issued the majority of the clauses, in draft, of Finance…
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