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
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
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
A tax lock will be introduced. The government has announced that they will legislate to ensure that they do not raise the main rates of Income Tax, VAT and Employee NIC, and that they do not remove any items from the zero or reduced rate VAT. They will introduce a National Living Wage For workers … Continue reading July Budget 2015: Other Announcements
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