Archive for March 2017

Spring Budget 2017 – Personal Tax

The personal allowance The personal allowance is currently £11,000. Legislation has already been enacted to increase the allowance to £11,500 for 2017/18. Comment A reminder that not everyone has the benefit of the full personal allowance. There is a reduction in the personal allowance for those with ‘adjusted net income’ over £100,000, which is £1…
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Spring Budget 2017 – Other Matters

Business rates Business rates have been devolved to Scotland, Northern Ireland and Wales. The business rates revaluation takes effect in England from April 2017 and will result in significant changes to the amount of rates that businesses will pay. The government announced £3.6 billion of transitional relief in November 2016. The Chancellor has now announced…
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Spring Budget 2017 – Employment Taxes

Off-payroll working in the public sector As previously announced, from 6 April 2017, new tax rules potentially affect individuals who provide their personal services via their own companies (PSCs) to an organisation which has been classified as a ‘public authority’. The effect of these rules, if they apply, will mean: the public authority (or an…
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Spring Budget 2017 – Capital Taxes

Capital gains tax (CGT) rates The current rates of CGT are 10%, to the extent that any income tax basic rate band is available, and 20% thereafter. Higher rates of 18% and 28% apply for certain gains; mainly chargeable gains on residential properties that do not qualify for private residence relief. The rate for disposals…
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Spring Budget 2017 – Business Tax

Making Tax Digital for Business (MTDfB) Extensive changes to how taxpayers record and report income to HMRC are being introduced under a project entitled Making Tax Digital for Business. The government has decided how the general principles of MTDfB will operate. Draft legislation has been issued on some aspects and more will be published in…
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