This was a Spending Review and Autumn Statement in one, which was heavier on the spending side. We’ve focused on the tax issues arising from the event and summarise them in our eshot here. If you have any questions, please contact [email protected] or call 01527 558539..
The economy – an overview The public finances look rosier than expected, thanks mainly due to higher than expected tax revenues and lower borrowings (£8bn lower than planned). The Chancellor’s figures came courtesy of the independent Office for Budget Responsibility; Gross Domestic Product (UK’s income) grew by 2.4% in 2015 and is set to continue at a similar pace … Read More
Future Measures…… Moving forward to the Budget 2016 and the various consultations in place here are some of the items we expect to see: Salary Sacrifice – Further consultation is being sought to assess what action can be taken to combat the rise in use of these arrangements. Pension Tax Relief – We expect to see further restrictions on pension … Read More
Buy to Let Properties / Second Homes Further to the interest restriction to be phased in from April 2017, the Chancellor announced further measures today to hit this sector: Capital gains tax due on residential properties is currently paid in the January following the end of the tax year via the self- assessment tax return. New measures announced today will … Read More
Personal Tax State Pension From April 2016, the basic state pension will rise to £119.30 per week, an increase of £3.35. This will be the highest real terms increase to the state pension for 15 years. From April 2016, those reaching pensionable age will receive a new, ‘single-tier’ pension with a starting rate of £155.65. Those reaching pensionable age before … Read More
What was missing? ‘Middle class tax perks’ as they were being dubbed in the press– salary sacrifice etc – the government is currently considering the position R&D tax credits/reliefs – following high-profile speeches made at GCHQ and Imperial College London, some quarters were hoping for announcements made to R&D but this was not to be; instead extra spending on national … Read More