Category Archives: Budget – Current

Budget – Current

WatkinsonBlack Budget Summary Personal Tax Changes

The main provisions relating to our clients are: Personal Allowances and Tax Rates The personal allowance increases from 5th April 2016 from £10,600 (£10,660 if born before 6th April 1938) to £11,000. Therefore, the age of the “Age Allowance” is over. The allowance is reduced by £1 for every £2 by which adjusted net income … Continue reading WatkinsonBlack Budget Summary Personal Tax Changes

WatkinsonBlack Budget Summary: Corporation Tax Changes

The main provisions relating to our clients are: Rate of Corporation Tax The distinction between small companies and large companies has now ceased, as has the resulting complex marginal calculation. All companies now pay Corporation Tax at the same rate. Over the next few years the rate is anticipated to be as follows: 2016/17 (year … Continue reading WatkinsonBlack Budget Summary: Corporation Tax Changes

WatkinsonBlack Budget Summary: Capital Tax, Value Added Tax and Duty Changes

The main provisions relating to our clients are: Capital Gains Tax Annual Exemption and Rates There is an annual exemption for each individual of £11,100 from 5th April 2016. For trustees, the exempt amount is £5,550. Gains up to this amount are free of all Capital Gains Tax. The rates of Capital Gains Tax are … Continue reading WatkinsonBlack Budget Summary: Capital Tax, Value Added Tax and Duty Changes