July Budget 2015: Capital Taxes
No change to Capital Gains Tax There have been no changes announced to Capital Gains Tax The Nil Rate Band for Inheritance Tax (IHT) is increased in respect of a Main Residence The normal IHT nil rate band of £325,000 will be frozen until April 2021. However, a new band will be introduced from April … Continue reading July Budget 2015: Capital Taxes
Personal allowances and tax bands for 2015-16 remain at the level previously announced. The personal allowance remains at £10,600 for anyone born on or after 6 April 1938. For those born before that date the allowance remains at £10,660. These allowances are withdrawn at the rate of £1 for every £2 by which “adjusted net … Continue reading July Budget 2015: Personal Tax
No immediate change to Corporation Tax Rates but reductions coming up The current rate of Corporation Tax is 20% and this rate will continue in 2016-17. It has now been announced that this will be reduced to 19% for the three years from 1st April 2017, with a further reduction to 18% from 1st April … Continue reading July Budget 2015: Business Tax
It is now 16 years since “IR35” first crept onto the statute book so we thought it’s time to re-examine this. When it was first introduced it was thought that might herald the end of the “one-man” limited company, but it has proven to be less ferocious than originally feared. However, it is beginning to … Continue reading Sweet sixteen – time to revisit IR35
So the polling booths have closed, the votes have been counted, the swing-o-meter has been put away for another five years, and we now have a new government. All of the parties made many promises made before the election, including the Conservatives, so now let us all hope that those promises are kept. Let us … Continue reading Conservative ‘promises’ regarding taxation after the election result